Aviation turbine fuel (ATF) prices have been slashed by over 11 per cent by state-run oil companies.

This is the seventh straight reduction since September as price surged to an all time high of Rs 71,028.26 a kilolitre (in Delhi) in August.

ATF in Delhi has been cut by Rs 4,208.37 to Rs 32,691.28 a kilolitre effective midnight tonight, said an official of Indian Oil Corporation (IOC). In Mumbai, the home to nation`s busiest airport, ATF will cost Rs 33,719.46 a kilolitre from tomorrow against Rs 38,103.19 a kilolitre at present.

From its all time high in August 2008, fuel prices have now reduced by 54 per cent.

Surely the airlines should also reduce their fuel surcharges by the same 54 per cent, i.e. from a high of Rs. 3,350 to Rs. 1,541.

PTI reports, state-run oil marketing companies on November 3, cut jet fuel prices further by Rs 2,100 per kilolitre on top of the 17 per cent reduction, which was announced last week after the government exempted Customs Duty on fuel last week.

Oil majors like Indian Oil Corporation (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) from the 1st of this month have cut Aviation Turbine Fuel (ATF) price by Rs 9,429.87 per kilolitre to Rs 47,017.93 per kilolitre in Delhi.

Following the fall in international oil prices, ATF price for domestic airlines reduced further by Rs 2,100 per kilolitre from last night. For international airlines, who do not pay local taxes or Value Added Taxes (VAT) the reduction will be USD 35 per kilolitre.