New Delhi, April 1 -- In a volte face in less than four hours, state-run oil marketing company Indian Oil Corporation Wednesday scaled back its over 100% hike in aviation turbine fuel prices for domestic airlines.

Revised rates on the company website showed that price of jet fuel in New Delhi is Rs.1,04,927 per kilolitre, only around 8.5% higher than Rs.96,638 in March. Earlier in the day, the company website showed the price at Rs.207,341.22 per kilolitre for this month.

A company official said that the 115% hike is not applicable for domestic airlines. IndianOil is yet to release a formal clarification on the matter.

On X, formerly Twitter, the ministry of petroleum and natural gas said the decision to increase ATF prices only partia...