With the recent dip in global crude oil prices to around $50 a barrel levels, the price of aviation turbine fuel (ATF), or jet fuel, has been cut by over 5 per cent -- reversing a trend of hikes over the last two months.

State-run oil marketers have cut the price of jet fuel by Rs 2,811.38 per kilolitre (kl), or by 5.1 per cent, to Rs 51,428 per kl with effect from Saturday. ATF prices are revised on the first of every month. Rates vary at airports as per local taxes.

In March, ATF rates were raised marginally by Rs 214 per kl to Rs 54,293.38 in Delhi, while in February they were raised by 2.9 per cent.

Also effective from Saturday, oil marketers substantially reduced prices of transport fuels, of petrol by Rs 3.77 a litre and of diesel by Rs 2.91, both at Delhi, with corresponding cuts in other states.

As per available data, the Indian basket of crude oils, comprising 73 per cent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent, closed trade on Thursday at $51.36 for a barrel of 159 litres.