Govt slashes fuel prices by 1 paisa

Petrol price rose by nearly Rs 4 in the last 16 days

Petrol price rose by nearly Rs 4 in the last 16 days

You probably woke up to news of petrol and diesel prices in India having finally fallen by roughly 60 paise after climbing for 16 days straight.

The complications were due to a clerical error that said that fuel prices had been cut by 60 paise. The rise was seen soon after the Karnataka elections were held, the price went up by Rs 3.79 per liter for petrol and by Rs 3.37 for diesel.

The revised petrol prices in metropolitan cities are- Delhi: Rs 77.83 per litre; Mumbai: 85.65; Kolkata: 80.47 and Chennai: 80.80. "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".

Prices vary from state to state depending on local sales tax or VAT (value-added tax). Diesel rates were reduced by a similar proportion to ₹73.20.

The price effected today is based on average worldwide rate from May 15 to May 29.

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.

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

Read the funniest jokes on the reduction of petrol prices by 1 paisa. "The selling prices of petrol and diesel w.e.f 30th May 2018 have been rectified on our website".

Economic Affairs Secretary Subhash Chandra Garg had on Monday hinted that fuel prices are expected to cool in the next two or three days. Finance Minister Thomas Issac has said tax reduction could lead to a loss of Rs 500 crore. Yes, you read that right, one paise per litre.

Kerala Chief Minister Pinarayi Vijayan on Tuesday said that his government had made a decision to reduce the fuel prices by Re 1.

Oil prices fell to about $75 a barrel as Saudi Arabia and Russian Federation said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014 [O/R].

With the increase in fuel prices made a hole in the pockets of the buyers, the people across the nation condemned the Centre for the continuous increase in the fuel prices.

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