Petrol price cut by 60 paise per litre, diesel by 56 paise


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

On the other hand, Kerala government chose to reduce the fuel price in the state by Re 1 per litre, with effect from June 1 onwards.

State-owned oil companies in June 2017, dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost.

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

In a faux pax from the Indian Oil Corporation (IOCL), petrol and diesel prices were marginally reduced by a paisa per litre in the capital on Wednesday. Diesel prices are at Rs.69.3 a litre in Delhi, Rs. 71.85 a litre in Kolkata, Rs. 73.78 a litre in Mumbai and Rs. 73.17 a litre in Chennai. "The selling prices of petrol and diesel w.e.f 30th May 2018 have been rectified on our website".

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The reduction would cause a yearly loss of Rs 509 crore to the state exchequer on the tax front, he said.

The Kerala government on Wednesday chose to reduce the prices of petrol and diesel by 1 rupee from Friday in an effort to control the rising fuel prices, Chief Minister Pinarayi Vijayan told ANI.

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

A 1 paisa cut in the price in one day is nothing but making a mockery out of the common man who is bogged down by the prices increase.

The reduction comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates.