Published: Wed, May 30, 2018
Finance | By Jaime Brady

Kerala CM Pinarayi Vijayan announces Re 1 cut in fuel prices

Kerala CM Pinarayi Vijayan announces Re 1 cut in fuel prices

Petrol and diesel prices have been sailing northwards for the past two weeks and today was the first time that the prices were cut. In Delhi, VAT on petrol is Rs 15.84 and Rs 9.68 a litre on diesel.

Petrol and diesel prices were on Wednesday cut by one paisa per litre each, the first reduction after 16 days of relentless price hikes.

But the marginal decline had its share of excitement with state-owned Indian Oil Corp (IOC) first announcing a reduction of 60 paise - the biggest since daily price revision was introduced in mid-June past year, only to retract it within a couple of hours citing a technical error. The marginal 1 paisa cut fuelled anger on social media.

Prices for petrol and diesel in India have been at an all time high due to the rise in global crude oil prices, and the weakness of the Indian Rupee against the U.S. dollar. "It's been five days now, but nobody has come to buy potatoes", said a concerned potato farmer.

Hero teacher in school shooting released from hospital
After Friday's shooting, Carly Novel, a Marjory Stoneman student, tweeted: "Noblesville Middle School students I am so sorry". A woman who identified herself as Seaman's mother posted on Facebook that her son was shot three times and was in surgery.

Atletico Madrid charged for far-right banner at Europa final
Atletico and Griezmann got the best of Olympique Marseille and win their third Europa League after 2010 and 2012. Now we are in the Uefa Super Cup, so he could play four finals.

Loris Karius thanks Liverpool fans apologises for Champions League final errors
Loris Karius' future at Liverpool is very much unclear right now following his nightmare in Saturday night's Champions League final .

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.

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.

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

The cut comes after 16 consecutive day of price increase since May 14 when fuel retailers ended the pre-Karnataka poll hiatus. However, within a span of a few hours, those changes were deleted and instead a measly reduction of 1 paise a litre in both the auto fuels was announced.

Like this: