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A Jet Airways Boeing 737 aircraft taxis past an Air India Airbus A321 aircraft at Mumbai's Chhatrapathi Shivaji International Airport February 3, 2013. Picture taken February 3, 2013.Reuters file

Jet fuel price Tuesday was cut by a record 14.7 percent on the back of decline in international rates, making it cheaper than both petrol and diesel.

The price of Aviation Turbine Fuel (ATF) -- used to power airplanes -- was slashed by Rs 9,990 per kilolitre, or 14.7 percent, to Rs 58,060.97 per kl, according to price notification issued by state-owned oil firms.

This is the second straight monthly reduction in rates and the biggest single cut ever. Prices were slashed by Rs 8,327.83 per kl, or 10.9 percent, on December 1. The two consecutive price reduction has brought ATF rates to their lowest levels in a year and will provide much-needed relief to cash-strapped airlines.

Rates are now cheaper than both petrol and diesel in most parts of the country and it is less expensive than even non-PDS kerosene in cities like Mumbai. A litre of petrol, used in motorcycles and cars, costs Rs 68.65 in Delhi as compared to Rs 58,060.97 per kl or Rs 58.06 per litre price for ATF.

A litre of diesel, which is mostly used as fuel in trucks and buses, comes for Rs 62.66. ATF costs just a shade higher than the price charged for kerosene sold through non-PDS (public distribution system) outlets in Delhi. Non-PDS in Delhi is priced at Rs 56.59 per litre.

ATF in Mumbai, home to one of the busiest airport in the country, costs Rs 58,017.33 per kl or Rs 58.01 per litre. A litre of petrol in the city costs Rs 74.30 and diesel is priced at Rs 65.56 per litre. It costs less than even non-PDS kerosene in the city which is sold at Rs 59.53 a litre.

Rates vary from city to city depending on local taxes. Continuing its downward march, petrol price Tuesday was cut by 19 paise a litre and diesel rates were reduced by 20 paise.

Petrol now costs Rs 68.65 a litre in Delhi and diesel is priced at Rs 62.66. Rates have been on the decline since October 18 and cumulatively prices have been cut by Rs 14.18 per litre in case of petrol and Rs 13.03 a litre for diesel.

State-owned fuel retailers revise rates of ATF on 1st of every month based on average international oil rate and rupee-US dollar exchange rate in the preceding month.

Petrol and diesel prices are revised on a daily basis.