New Delhi/IBNS: Jet fuel or Aviation Turbine Fuel (ATF) price on Saturday was slashed by a steep 6.5 percent, while the price of 19-kg commercial LPG used by hotels and restaurants reduced by Rs.69 per cylinder on declining international oil prices.

According to a price notification of state-owned fuel retailers, the price of jet fuel or ATF was reduced by Rs 6,673.87 per kilolitre (6.5 percent) to Rs 94,969.01 per kilolitre in the national capital.

In Mumbai, the rate of ATF was cut by Rs 6,339.43 per kl to Rs 88,834.27 per kl from Rs 95,173.70/kl, and the prices differ from state to state depending on the incidence of local taxes.

As per reports, the ATF price cut follows a marginal 0.7 percent, or Rs 749.25 per kl rise on May 1.

On the other hand, oil companies reduced the price of 19-kg commercial LPG by Rs 69 to Rs 1,676 per cylinder.

Earlier, the price was cut by Rs 19 per cylinder on May 1 and by Rs 30.5/cylinder on April 1.

However, the rate of cooking gas used in domestic households remained unchanged at Rs 803 per 14.2-kg cylinder, while the prices of petrol and diesel continue to remain frozen.

State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) revise prices of jet fuel and cooking gas on 1st of every month based on the average price of benchmark international fuel and foreign exchange rate, according to reports.