Govt slashes fuel prices by 1 paisa

30 May, 2018, 19:45 | Author: Teresa Adams
  • Petrol price rose by nearly Rs 4 in the last 16 days

The petrol prices have been cut down to 60 paise in Delhi and 59 paise in Mumbai while diesel price went down by 56 paise in Delhi and 59 paise in Mumbai.

"The reduction was supposed to be 1 paisa but due to a clerical error the price prevalent on May 25 was communicated as today's price", news agency Press Trust of India reported, quoting a senior official of Indian Oil Corporation.

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The revised petrol prices in metropolitan cities are- Delhi: Rs 77.83 per litre; Mumbai: 85.65 per litre; Kolkata: 80.47 per litre and Chennai: 80.80 per litre. 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. The marginal 1 paisa cut fuelled anger on social media. 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.

The main reason for the futures is to hedge against rising prices of petrol and diesel.

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The continuous fuel price hike has caused inconvenience and disappointment among the general public and farmers for the last 16 days.

Delhi has the cheapest price among all metros and most state capitals. "Once petrol and diesel are brought under the ambit of GST, its threshold will change, because right now, taxes upon taxes are levied which increases rates". The Narendra Modi government, which came to power in May that year, took advantage of the low oil prices to jack up the excise duty on petrol and diesel.

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