Coronavirus impact: IOC, other retailers cut jet fuel prices by up to 11.5%
NEW DELHI: Domestic oil retailers have cut prices of aviation turbine fuel (ATF) by over 11% for March as global crude oil prices hover near multi-year lows in the wake of the COVID-19 outbreak, expected to hurt global economic growth.
Indian Oil Corporation Ltd (IOC) has cut jet fuel prices in Delhi by 11.6% to ₹56,859.01 a litre from ₹63,449.63 for February, according to information available on the company’s website.
Other oil retailers typically follow IOC on price revisions. Fuel accounts for as much as 40% of the expenses of domestic airlines, with ATF prices in India being among the highest in the world.
