New Delhi, Jan. 1 -- Price of aviation turbine fuel (ATF), or jet fuel was slashed following months of hikes as state-owned oil marketing companies carried out their monthly price revisions in line with global fuel benchmarks.

The latest reduction is expected to ease pressure on airlines, for which fuel accounts for nearly 40 per cent of operating costs.

In Delhi, the price of ATF was cut by Rs.7353.75 per kilolitre to Rs.92,323.02 per kl while commercial LPG rate was raised by Rs.111 per cylinder.

In Mumbai, ATF price was revised to Rs.86,352.19 per kl, while prices in Chennai and Kolkata were cut to Rs.95,770 and Rs.95,378.02 per kl, respectively.

Fuel prices vary across cities due to local taxes.

The reduction comes after three ro...