SpiceJet has been one of the most aggressive players in offering promotional schemes, announcing more than a dozen offers this year.
Indian Oil Corp cut jet fuel price by an average of nearly 3 percent across cities.
The announcement comes on the day Chinese President Xi Jinping arrived in India, where the two countries are expected to sign trade and investment deals worth billions of dollars.
The three day special fare offer called the 'Great Premiere Experience' will be available for world-wide sale from September 16 to September 18 and for travel between October 16 2014 and July 31 2015.
Booking for the discounted airfares started on Monday, September 1 and will continue till September 7.
Meanwhile, the Directorate General of Civil Aviation (DGCA) has also ordered an engineering audit of the airline after the carrier is said to have found it difficult to provide equipment to operate some flights
The budget carrier posted a first quarter net loss of Rs 124 crore, its fourth consecutive quarterly loss.
The joint venture is 49 per cent-owned by Singapore Airlines and 51 per cent held by Tata Group. It plans to operate 87 flights a week during its first year of operation and nearly double that number during its second year.
The two airlines have been codeshare partners since 2008 and their relationship was strengthened in November 2013, after Etihad Airways received approvals to acquire a 24 percent stake in Jet Airways, marking it the first investment by a foreign carrier in India's airline industry.
Like all but one of India's major airlines, Jet is losing money fast, beset by high costs, low fares and cut-throat competition in its domestic market.
Vijay Mallya-led Kingfisher Airlines on Monday withdrew its appeal in the Supreme Court seeking to restrain the SBI-led consortium of 17 banks from taking over possession of the 'Kingfisher House' in Mumbai.
In what analysts see as a bold move by Yahoo chief Marissa Mayer, the faded Internet search pioneer is betting on live music as part of its shift to premier online content, which has also included recruiting news, music and television stars for online magazines focused on technology, film and food.
The bookings for the three-day mega sale offer started today for travel between January 6 and October 24, 2015, according to SpiceJet website.