State-owned fuel marketing companies revise ATF prices on the 1st of every month based on average of benchmark international oil price in the previous month
AAI is also likely to be an equity partner in the JV
This is the first time the price was reduced after five consecutive increases
Jet fuel price is now up 23.5% since January and coupled with weakened rupee, the move will pinch airlines
An immediate rise in fares is unlikely, due to growth in capacity in the domestic market, aviation sources said