Petrol Price Cut by Just 6 Paise! But For Kerala, It’s a Full Re 1

Petrol and diesel rates on Wednesday in Delhi were cut by 6 paise and 5 paise a litre respectively. 

Published01 Jun 2018, 03:38 PM IST
India
2 min read

The trend of minuscule reductions in petrol and diesel prices continued for the third consecutive day on Friday, 1 June, with oil firms cutting rates by 6 paise and 5 paise a litre respectively.

The reductions follow softening of international oil rates and the rupee gaining against the US dollar.

Petrol in Delhi now costs Rs 78.29 a litre, down from Rs 78.35, according to a price notification issued by state-owned oil firms.

Diesel rates have been cut to Rs 69.20 per litre from Rs 69.25.

Prices vary from state-to-state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.

This is the third reduction in rates coming after 16 days of relentless price hikes that followed lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls.

Petrol price was cut on Thursday by 7 paise a litre and diesel by 5 paise. On Wednesday rates were cut by 1 paisa each.

These reductions followed rates touching an all-time high of Rs 78.43 per litre for petrol and Rs 69.31 for diesel in Delhi on 29 May.

In the 16 consecutive increases since 14 May, petrol price was hiked by Rs 3.8 per litre and diesel by Rs 3.38.

Petrol, Diesel Prices in Kerala Cut by Re 1

Meanwhile, in Kerala, petrol and diesel prices came down by Re 1 each from Friday following the state government's decision to reduce cess.

The rates in Kerala on Friday were Rs 81.40 per litre for petrol and Rs 74.05 a litre for diesel.

The decision to reduce sales tax by Re 1 per litre on petrol and diesel was taken at a state Cabinet meeting, chaired by Chief Minister Pinarayi Vijayan on Wednesday.

Vijayan had stated that the government decided to bring down the fuel prices to give some relief to the people, who were reeling due to the daily hike in prices of petroleum products.

The move would result in a revenue loss of Rs 509 crore per year to the state exchequer, the chief minister had said.

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