Petrol Price Cut By 60 Paise, Diesel By 56 Paise Per Litre

Petrol Price Cut By 60 Paise, Diesel By 56 Paise Per Litre

Petrol Price Cut By 60 Paise, Diesel By 56 Paise Per Litre

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. The state-owned firm later clarified that they had published the wrong price data on Wednesday morning.

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 central government levies Rs 19.48 a litre of excise duty on petrol and Rs 15.33 per litre on diesel.

"The reduction was supposed to be 1 paisa but due to a clerical error the price prevalent on May 25 was communicated as today's price", news agency Press Trust of India reported, quoting a senior official of Indian Oil Corporation.

After 16 days of continuous hike, fuel prices on Wednesday witnessed a slight drop.

Petrol price in Delhi was cut by 60 paise to ₹77.83 a litre. But a company statement later said, "There was a technical glitch in posting the selling prices of petrol and diesel on our website today".

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Fuel prices vary from state to state due to local taxes.

Delhi has the cheapest price among all metros and most state capitals. The revised prices will come into effect from June 1.

"The state exchequer would lose Rs 509 crore per annum by reducing the tax share by Re 1 per litre.

Our decision to forgo a portion of the tax revenue, even during the period of financial precariousness should work as an eye opener for the union government, which, so far, has not taken any steps to control the fuel price in the country", Kerala Chief Minister Pinarayi Vijayan said.

With consumers feeling the heat of surging fuel prices, there have been demands and suggestions from various quarters, including from within the government, for immediate action to curb the prices.

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