Petrol price cut by 60 paise per litre, diesel by 56 paise

Randal Sanchez
May 30, 2018

While Kerala CM has announced a cut of Rs 1 per litre on the tax on fuel, Punjab CM Amarinder Singh described "1 paisa" reduction of fuel price as a cruel joke.

The revised petrol prices in metropolitan cities are- Delhi: Rs 77.83 per litre; Mumbai: 85.65; Kolkata: 80.47 and Chennai: 80.80. For 19 days there were no movement in prices of both the fuels. Petrol and diesel price in Kochi on Tuesday was at Rs 81.17 and Rs 73.77, respectively.

Oil prices fell to about $75 a barrel as Saudi Arabia and Russian Federation said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014 [O/R]. But the happiness was short-lived as the Indian Oil Corporation quickly clarified that the actual price reduction was only one paisa per litre and blamed a "clerical error" for the mixup.

Diesel rates were cut by 56 paise in Delhi to ₹ 68.75 per litre. Businesses affected by fuel price revisions including large fleet operators, petrol pump owners, refineries and oil marketing companies could make use of these to reduce their losses. "It's been five days now, but nobody has come to buy potatoes", said a concerned potato farmer.

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Rising fuel prices are highly likely to be discussed at the Reserve Bank's rate-setting panel, Monetary Policy Committee's (MPC) three-day meet beginning on June 4.

Prices vary from state to state depending on local sales tax or VAT. Kerala charges 32.02 per cent on petrol and 25.5 per cent on diesel.

Delhi has the cheapest price among all metros and most state capitals.

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