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

30 May, 2018, 19:45 | Author: Kristi Dunn
  • Petrol Diesel Prices Hiked For 16th Day In A Row. Check Out How Much You Have To Pay

Earlier on Wednesday, IndianOil had published that the petrol price was cut by 60 paise and diesel price by 56 paise in the capital.

Petrol and diesel prices are witnessing an all-time high, rising every day for the last 15 days. Fuel prices in Delhi now stand at Rs 78.42 per litre for petrol and Rs 69.30 per litre for diesel. This was rectified to 1 paisa a litre.

The complications were due to a clerical error that said that fuel prices had been cut by 60 paise. "Since we moved to the mechanism of daily price change, prices have gone up and down by 1 paisa, 12 paise, 27 paise etc".

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He further pointed out that less production of oil in the Organization of the Petroleum Exporting Countries (OPEC) and hike in crude oil price in the global market are some of the factors affecting the fuel price. Businesses affected by fuel price revisions including large fleet operators, petrol pump owners, refineries and oil marketing companies could make use of these to reduce their losses.

All India Trinamool Congress (TMC) MP Abhishek Banerjee is expected to protest against the fuel price hike at noon at Gandhi Murti in Kolkata. "All this will reflect in reduction in retail rates in coming days", he said.

State sales tax or VAT vary from state to state. The Narendra Modi government, which came to power in May that year, took advantage of the low oil prices to jack up the excise duty on petrol and diesel. "1Paise reduced. Thank God for reducing the petrol price".

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