Jet Fuel Prices Slashed by 10 Percent Following the International Trend

State-owned oil giants are left with no other option than curtailing the domestic Jet Fuel prices by 10 percent to align with the global prices, which are sinking because of the attenuation in the demand, as the effect of coronavirus is cutting down global air travel. Hence, the price for the domestic airlines, jet fuel price fell to Rs 56,859 per kilo litre, which turned out to be 10.3 percent lesser than its prices in February. However, for the international airlines, the prices were down to INR 43304.58 per kilo litre. The consumption of Aviation Turbine Fuel in the month of April-January, depreciated by 1.5 percent since last year. Following the similar trend, the non-subsidized cooking gas prices were also slashed by Rs 53 to Rs 805.50 per 14-kg cylinder in Delhi. The reason behind this sharp decline in the prices of crude products in the last quarter of 2020 is the continuously falling crude due to Coronavirus outbreak, which is presumed to hamper the global economic growth and the global crude oil demand.