IOC to cut jet fuel prices by up to 3.1% from Feb 1

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IOC to cut jet fuel prices by up to 3.1% from Feb 1

Indian Oil Corp (IOC) , the country's biggest oil refiner, said it will cut jet fuel prices by up to 3.1% from Wednesday, providing some breather to beleaguered airlines in India.

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Indian Oil Corp (IOC) , the country's biggest oil refiner, said it will cut jet fuel prices by up to 3.1% from Wednesday, providing some breather to beleaguered airlines in India.

IOC will cut jet fuel prices to 63,864.00 rupees from 65,920.87 rupees per kilolitre in Mumbai, while it will cost 62,908 rupees per kilolitre in New Delhi, the company said in a statement posted on its website on Tuesday.

Other state refiners tend to follow IOC in determining jet fuel prices.

India's airline companies, including top player Jet Airways , smaller rival Kingsigher Airlines and national carrier Air India