Petrol, diesel price cut by 1 paisa a litre

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

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

While the price was increased almost Rs 4 per litre during May 14 to May 29 with an average increase of 15 to 30 paise daily, the reduction of 1 paisa invited severe wrath of people.

Diesel rates were cut by 56 paise in Delhi to ₹68.75 per litre.

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.

Prices of petrol and diesel were cut by one paisa on Wednesday after the Indian Oil Corp's (IOC) website initially showed a fall of around 50-60 paise per litre of the fuels. This was rectified to 1 paisa a litre.

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Even as global crude oil prices are coming down, fuel prices in the country were going up, he claimed.

As a part of the online campaign, titled "Tweet Morcha", the opposition would mobilise people to post tweets to Prime Minister Narendra Modi and Chief Minister Devendra Fadnavis over the issue and suggest ways to reduce the fuel prices, Mumbai Congress chief Sanjay Nirupam told PTI today.

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

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

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

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

Petrol and diesel prices in India are linked to Singapore gasoline prices GL95-SIN and Arab Gulf diesel prices GO-AG, which mostly track movements in crude oil prices LCOc1.

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