Govt slashes fuel prices by 1 paisa

Anna Jefferson
May 30, 2018

Previously, petrol prices were 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. Meanwhile, the cost of diesel per litre as on Wednesday is Rs 68.75 per litre in Delhi, Rs 73.20 per litre in Mumbai, Rs. 71.30 in Kolkata and Rs. 72.58 in Chennai. 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. "Since we moved to the mechanism of daily price change, prices have gone up and down by 1 paisa, 12 paise, 27 paise etc".

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

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Even as worldwide crude oil prices are coming down, fuel prices in the country were going up, he claimed. Petrol is priced at Rs 82.57 per litre and Diesel at Rs 75.14 per litre.

Prices vary from state to state depending on local sales tax or VAT.

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The reduction comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates. With this, Kerala becomes the first state in the country to reduce the fuel prices.

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

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Rates had yesterday touched an all time high of Rs 78.43 per litre for petrol and Rs 69.31 a litre for diesel in Delhi.

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