Economy

Petrol, diesel price cut by 1 paisa a litre

Petrol, diesel price cut by 1 paisa a litre

After claiming that it was reducing the fuel prices by 59 paise in metro cities, the Indian Oil Corporation (IOC) cut the prices only by one paisa.

In a move that gives credence to the suspicion that the Centre continues to interfere with the pricing of fuel even after deregulation, state-owned oil marketing companies (OMCs) on Wednesday reversed their decision of hefty price cuts within hours, dashing expectations of relief. A litre of diesel in Delhi now costs Rs 69.25, down from Rs 69.30.

Fuel prices have been going up over the last 2 weeks.

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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. ONE paisa!?? If this is your idea of a prank, its childish and in poor taste. P.S.

While the "one paisa cut" was enough to enrage everyone, International Olympic Committee rubbed salt into their wounds with a small blunder. "It shows the government's complete insensitivity and failure to stop the fuel price hike".

West Bengal Congress chief Adhir Chowdhury said in Kolkata that the ruling TMC, which was protesting, should reduce VAT and other state-level taxes on fuel to bring down prices.

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Global crude prices have risen by two-thirds in 11 months.

A worker fills diesel in a vehicle as he holds 500 Indian rupee banknotes at a fuel station in Kolkata, India, November 9, 2016.

Petrol and diesel prices in India are linked to Singapore gasoline prices and Arab Gulf diesel prices, which mostly track movements in crude oil prices. "Now will PM Modi be willing to roll back his tax hike?" tweeted TM Thomas Isaac, Kerala's finance minister. This will cause a revenue loss of Rs 509 crore annually.

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"Another second anniversary gift to the people: The sales tax on petrol reduced by 1.69% and diesel by 1.75% in Kerala".