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Wait, did Indian Oil Corporation just cut fuel prices by 1 paisa?

30 May, 2018, 19:46 | Author: Shawna Walton
  • Petrol price cut by 60 paise per litre diesel price down by 56 paise per litre

With prices of fuel at an all-time high, Indians today woke up to the news that the price of petrol had been slashed by 60 paise while the price of diesel was down by 59 paise. Today morning, though the oil companies announced a decrease in the petrol price by 0.60 paise, at 11 am it was revised to just 0.01 paise. "Today, there is a minor reduction in fuel prices", the statement said. The selling prices of petrol and diesel with effect from May 30, 2018 have been rectified.

Oil prices fell to about $75 a barrel as Saudi Arabia and Russian Federation said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014 [O/R].

Diesel rates were cut by 56 paise in Delhi to ₹68.75 per litre. "It's been five days now, but nobody has come to buy potatoes", said a concerned potato farmer.

Oil companies use 15-day rolling average of Singapore gasoline prices and Arab Gulf diesel prices to arrive at daily rates and so the fall in global oil rates seen in the last few days would be factored in for the revisions in the coming days, he said.

Prices vary from state to state depending on local sales tax or VAT. "Once petrol and diesel are brought under the ambit of GST, its threshold will change, because right now, taxes upon taxes are levied which increases rates".

The cut comes after 16 consecutive day of price increase since May 14 when fuel retailers ended the pre-Karnataka poll hiatus.

The price of petrol in the capital is now ₹ 78.42 a litre, while diesel is at ₹ 69.30 a litre.

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