Friday, 22 June, 2018

Petrol Price Cut By 60 Paise, Diesel By 56 Paise Per Litre

Petrol, diesel price cut by 1 paisa a litre Blink and You Missed It: Drop in Fuel Prices Revised From 60 Paise a Litre to 1 Paisa
Jodi Jackson | 30 May, 2018, 19:42

In New Delhi, a cut of less than 1 percentage point means that petrol will cost 77.83 rupees/litre on Wednesday, while diesel will be sold at 68.75 rupees/litre.

Potato farmers in Uttar Pradesh's Moradabad are incurring losses as they are not able to sell off their produce due to hike in petrol and diesel rates which is leading to increase in transportation prices. A faux pas saw the initial announcement coming in that the prices have been cut by 60 paise while the quantum of reduction was only one paisa. 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. "Since we moved to the mechanism of daily price change, prices have gone up and down by 1 paisa, 12 paise, 27 paise etc".

After 16-day continuous increase in the raise of fuel prices, Indian Oil Corp's (IOC) has reduced "1 paise" giving a "relief" to people.

The state government decision comes in the wake of fuel prices going up steadily in the last two weeks after Karnataka election.

State sales tax or VAT vary from state to state.

The central government levies Rs 19.48 a litre of excise duty on petrol and Rs 15.33 per litre on diesel. But if you haven't been told yet, the price cut never actually happened - it was all down to what is being described as a "clerical error" in updating fuel prices online. Kerala charges 32.02 per cent on petrol and 25.5 per cent on diesel.

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