Kerala to cut taxes on petrol, diesel to reduce retail prices

30 May, 2018, 19:43 | Author: Kathy Ellis
  • Petrol price cut by 60 paise per litre diesel price down by 56 paise per litre

In all, petrol price was increased by ₹ 3.8 per litre and diesel by Rs 3.38 in that fortnight.

After 16 days of relentless price hikes, petrol price was today cut by about 60 paise a litre and diesel by 56 paise on the back of softening global oil rates and strengthening Indian rupee.

According to the Indian Oil website, the petrol price in Trivandrum stood at Rs 82.61 and diesel price at Rs 75.19 on Wednesday. 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.

Oil minister Dharmendra Pradhan said since the nation moved to the mechanism of daily price revision from July 2017, fuel rates have increased and decreased between 1 paisa and 27 paise. This was rectified to 1 paisa a litre.

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.

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Oil companies use 15-day rolling average of Singapore gasoline prices and Arab Gulf diesel prices to arrive at daily rates and so the fall in worldwide oil rates seen in the last few days would be factored in for the revisions in the coming days, he said.

Petroleum prices do not fall under the ambit of Goods and Services Tax (GST) and are one of the big sources of revenue for the state government.

The price of petrol in the capital is now ₹ 78.42 a litre, while diesel is at ₹ 69.30 a litre.

All India Trinamool Congress (TMC) MP Abhishek Banerjee is expected to protest against the fuel price hike at noon at Gandhi Murti in Kolkata.

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