The government has reduced the price of jet fuel by Rs7.15 per litre, bringing the new rate to Rs231.72 per litre.
The reduction is expected to provide relief to domestic airlines by lowering aviation fuel costs, potentially reducing their overall operating expenses.
Officials said jet fuel had been priced at around Rs188 per litre before tensions and conflict in the Middle East drove up global oil prices. The subsequent surge in international crude prices led to a sharp increase in aviation fuel costs in recent months.