Aviation fuel (ATF) prices fell by 2.2 percent on Saturday, following a fall in international oil prices.

Aviation turbine fuel (ATF) prices were slashed by Rs 3,084.94 per kiloliter, or 2.2 percent, to Rs 138,147.93 per kl, a price release from state-run fuel retailers showed.

This is only the second rate cut this year. Prices had peaked to Rs 141,232.87 per kl (Rs 141.23 per liter) last month.

Before that, prices were hiked by the steepest ever 16 percent to catapult rates to an all-time high.

International oil prices have since fallen amid fears of a recession in major economies. Oil prices are at pre-war levels in Ukraine.

On June 16, the price of ATF - the fuel that helps airplanes fly - was increased by 19,757.13 rupees per kl. That followed a marginal cut of 1.3 percent (Rs 1,563.97 per kl) on June 1.

In total, the rates have been increased 11 times since the beginning of the year. This has almost doubled the rates in six months.

Since jet fuel made up nearly 40 percent of an airline's operating costs, the price hike had led to an increase in flying costs. Now there is a marginal relief.

Meanwhile, petrol and diesel prices remained unchanged at Rs 96.72 per liter and Rs 89.62 per liter respectively.

An excise tax cut by the government had helped the price of petrol fall by Rs 8.69 per liter on May 22 and diesel by Rs 7.05 per liter on May 22. But before that, the base price has remained unchanged since April 6.

The sales prices of petrol, diesel and domestic cooking gas are far below cost price. Petrol and diesel rates are reviewed daily based on comparable rates in the international market.