OGRA recommends Rs8.37 hike in petrol price

Petrol price rose by nearly Rs 4 in the last 16 days

The Kerala government on Wednesday announced a Rs 1 reduction, per litre, in the price of petrol and diesel from Friday i.e. 1 June, in a bid to provide some relief to people hit by rising fuel costs.

Speaking about the revision of price cut from 60 to 1 paisa, Punjab CM Amarinder Singh said, "Clerical error?" Prices of both petrol and diesel were cut just by a paisa across the country. "Today, there is a minor reduction in fuel prices", the International Olympic Committee clarified shortly before noon. The selling prices of petrol and diesel with effect from May 30, 2018 have been rectified. Diesel prices were at Rs 69.25 a litre, Rs 71.8 a litre, Rs 73.73 a litre and Rs 73.12 a litre respectively. And as they had to backtrack to the actual one paisa cut, people felt absolutely insulted.

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.

The one paisa cut sparked derisive barbs on social media, with the attack led by Congress president Rahul Gandhi.

Kerala's move will put pressure on the Modi government to cut the excise duty rate on petrol and diesel and on the 20 state governments that the BJP heads.

Global crude prices have risen by two-thirds in 11 months. "Now will PM Modi be willing to roll back his tax hike?" tweeted TM Thomas Isaac, Kerala's finance minister.

The revised petrol prices in metropolitan cities are- Delhi: Rs 77.83 per litre; Mumbai: 85.65; Kolkata: 80.47 and Chennai: 80.80. This will cause a revenue loss of Rs 509 crore annually.

In April, Pradhan had said the Centre and the state governments have been considering bringing the petroleum products under the ambit of Goods and Services Tax.

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