New Delhi: Jet Fuel, also known as Aviation Turbine Fuel (ATF) saw a significant price reduction of 6.5 percent on June 1 and decreased by Rs 6,673.87 per kilolitre (kl) to Rs 94,969.01/kl in New Delhi. This reduction follows a slight increase of 0.09 percent (Rs 749.25 per kilolitre) on May 1.

In Mumbai, the price of aviation turbine fuel (ATF) has dropped to Rs 88,834.27 per kilolitre (kl) from Rs 95,173.70 per kl. Prices vary across states due to local taxes, according to the report. (Also Read: Lok Sabha Elections 2024: Are Banks Closed Today, June 1? Check State-Wise List)

Petrol and Diesel Rates Remain Unchanged

The price for Petrol and Diesel remain unchanged since their last adjustment in mid-march when they were reduced by Rs 2 per litre. (Also Read: LPG Price Cut: Commercial Cylinder Prices Reduced By Rs 69.50; Check City Wise Rates)

Windfall Tax on Crude Oil Decreased

The government has reduced the windfall tax on domestically-produced crude oil to Rs 5,200 per tonne from Rs 5,700 which is effective from June 1, 2024. This tax is imposed as the Special Additional Excise Duty (SAED) which remains at ‘nil’ for the export of diesel, petrol and jet fuel. The new rates come into effect on June 1, as per the official notification

India first introduced windfall taxes on July 1, 2022 joining other nations in taxing the supernormal profits of energy companies. These tax rates are reviewed every fortnight based on the average oil prices from the previous two weeks. (With PTI Inputs)