Aviation turbine fuel (ATF) price was cut by Rs 6,854.25, or 5.79 per cent, in the national capital to Rs 1,11,344.92 per kl from Rs 1,18,199.17, according to a price notification of state-owned fuel retailers.

The price cut comes on the back of four rounds of increases, the last on October 1, when rates were hiked by Rs 5,779.84 per kl or 5.1 per cent. Prior to that ATF prices had gone up by the steepest-ever 14.1 per cent (Rs 13,911.07 per kl) on September 1, and 8.5 per cent or Rs 7,728.38 per kl on August 1.

On July 1, the ATF price had gone up by 1.65 per cent or Rs 1,476.79 per kl. In four increases, ATF prices have gone up by a record Rs 29,391.08 per kl.

Wednesday's cut in prices of jet fuel, which makes up for 40 per cent of an airline's operating cost, will ease the burden on already financially strained airlines.

Alongside, oil firms raised the price of commercial LPG - used in various establishments such as hotels and restaurants - by Rs 101.50. A 19-kg commercial LPG cylinder will now cost Rs 1,833 in the national capital and Rs 1,785.50 in Mumbai.

This is the second straight monthly increase in rates. Prices were hiked by a steep Rs 209 per 19-kg cylinder on October 1.

Saudi contract price (CP), the benchmark used for pricing of LPG, has increased following a firming-up trend in crude oil prices witnessed in the last few weeks' oversupply concerns.

Oil companies, which had on August 30, cut domestic LPG rates by Rs 200 per 14.2-kg cylinder, did not change the price of 14.2-kg cylinders.

State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise cooking gas and ATF prices on the 1st of every month, based on the average international price in the previous month.

Petrol and diesel prices continued to remain on freeze for a record 19th month in a row. Petrol costs Rs 96.72 per litre in the national capital, and diesel comes for Rs 89.62 per litre.

State-owned fuel retailers are supposed to revise petrol and diesel prices daily, based on a 15-day rolling average of benchmark international fuel prices, but they haven't done that since April 6, 2022.

Prices were last changed on May 22, when the government cut excise duty to give relief to consumers from a spike in retail rates that followed a surge in international oil prices.