Kerala To Reduce Petrol And Diesel Prices By Rs. 1, From June

Kerala To Reduce Petrol And Diesel Prices By Rs. 1, From June

For petrol, the ex-depot price was worked out at Rs96.37 per litre instead of the current rate of Rs87.70 per litre - highest since November 2014.

However, in a big respite for the people of Kerala, the state government made a decision to reduce the prices of petrol and diesel by Re 1 in the state.

"P.S. A ONE paisa cut is not a suitable response to the "Fuel Challenge" I threw you last week", Gandhi said.

Fuel prices continue to touch another peak for the 16th consecutive day, with petrol being sold at Rs 78.43 per litre in Delhi and Rs 86.24 per litre in Mumbai.

All India Trinamool Congress (TMC) MP Abhishek Banerjee is expected to protest against the fuel price hike at noon at Gandhi Murti in Kolkata.

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Prices of petrol in Delhi, Mumbai and Chennai reached record levels over the past two weeks and were seen scaling new highs everyday.

He also welcomed Kerala government's move of cutting the fuel price by Re 1 earlier in the day.

"The reduction was supposed to be 1 paisa but due to a clerical error the price prevailing on May 25 was communicated as today's price", said a senior official of the state-owned Indian Oil Corporation. Meanwhile, on Wednesday evening Kerala took the 1 paisa cue and turned it into a real Re 1 a litre relief for its people.

"Another second anniversary gift to the people: The sales tax on petrol reduced by 1.69% and diesel by 1.75% in Kerala. Now will PM Modi be willing to roll back his tax hike?" tweeted TM Thomas Isaac, Kerala's finance minister.

An excise duty cut can upset the government's fiscal math. This is the second reduction in as many days on the back of softening global oil rates. State govt to forego revenue of Rs 500 crore annually.

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