Vijay Mallya-promoted Kingfisher Airlines has finally slashed its domestic basic fares by up to 65 per cent, indicating an average reduction of around 20 per cent in overall fares.

Last week, Kingfisher had declared a range of fare cuts without indicating the quantum of cuts across sectors.

The company's announcement follows moves by rival Jet Airways and Air India, the country's national carrier to trim their basic fares by an average of 50 per cent and 40 per cent respectively.

In addition, Jet Airways also announced some special fares for its international routes today, including Singapore, Hong Kong, Bangkok, London and New York.

It may be noted that, the prices of aviation turbine fuel (ATF), which accounts for the more than 50 per cent of an airline’s costs, have come down by around 60 per cent compared to the prices in August. As a result, ATF currently accounts for less than 40 per cent of an airline’s costs.