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

Petrol Prices

Petrol Prices

The reason behind the increase in petrol prices in the country is the rise in the crude oil cost and high taxes levied by the central and state government. 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.

Petrol price in Delhi was cut by 60 paise to ₹77.83 a litre.

Fuel prices have been going up over the last 2 weeks. In Delhi, VAT on petrol is Rs 15.84 and Rs 9.68 a litre on diesel. The marginal 1 paisa cut fuelled anger on social media.

Even as global crude oil prices are coming down, fuel prices in the country were going up, he claimed. 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 selling prices of petrol and diesel w.e.f 30th May 2018 have been rectified on our website". "All this will reflect in reduction in retail rates in coming days", he said. "1Paise reduced. Thank God for reducing the petrol price".

Petrol, diesel prices hiked for 16th straight day
A litre of petrol now costs 141c on average - a rise of more than three cents when compared with last month's figure of 137.6c. If this was the case, diesel prices could further reduce by Rs 3.75 a litre and petrol prices by Rs 5.75 per litre, it said.

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

The cut comes after 16 consecutive day of price increase since May 14 when fuel retailers ended the pre-Karnataka poll hiatus.

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.

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