If you are thinking airfares were sky rocketing in 2015, this news is for you!

This may sound little bizarre but it is true. Airfares were cheapest this year in 2015 as compared to last three years.

As per airlines and travel firms, ticket prices were 40 per cent cheaper when compared to past three years.

"The reason for this is primarily two - the decline in fuel costs being passed on to passengers and the advent of new carriers which has led to an increase of supply in airline seats as well as competition," Amit Taneja, chief revenue officer at Cleartrip told ET.

According to the Cleartrip survey, average annual ticket prices for the current financial year ranged between Rs 5,857 and Rs 4,018.

In past few years, airliners have been aggressively rolling out deals to attract fliers. According to a survey by GoEuro, Indian local ticket prices as a fraction of what is charged in Finland, Switzerland, Austria and Estonia, apart from much-developed markets such as the US and UK.

From SpiceJet to Vistara, airlines changed tracks to gain more consumers and fill their flights.

Another factor why airlines lowered prices was cost of jet fuel. The per kilolitre rate at Delhi airport, India's busiest, is currently 26 per cent cheaper than December last year, 40 per cent cheaper than 2013 and 34 per cent cheaper than 2012.