Mumbai - Shares of airline operators like SpiceJet and Jet Airways gained as much as six percent in morning trade Wednesday after prices of jet fuel (ATF) were cut by a steep three percent.

Shares of SpiceJet surged 5.6 percent to Rs 13.01, while Kingfisher Airlines rose 4.87 percent to Rs 2.15 and Jet Airways (India) gained 4.73 percent to Rs 218 on the BSE.

The price of aviation turbine fuel (ATF), or jet fuel, at Delhi was cut by Rs 2,077.62 per kilolitre, or 2.98 percent, to Rs 67,525.63 per kilolitre, the nation's largest fuel retailer Indian Oil Corp (IOC) had said yesterday.

This is the third reduction in jet fuel rates since July. Declining international oil prices have made imports cheaper, resulting in price reduction.

Jet fuel constitutes over 40 percent of an airline's operating costs and the price cut will ease the financial burden of cash-strapped carriers. (PTI)