The selling prices of petrol and diesel with effect from May 30, 2018 have been rectified. ONE paisa!?? If this is your idea of a prank, it's childish and in poor taste. P.S. "I welcome it. One must also note that Kerala is one of the highest tax collecting states and when we appealed (for fuel price cut), their Finance Minister gave negative statement, but now they took responsibility, I thank them for it..."
Meanwhile, India woke up to marginal cut in petrol prices on Wednesday but the cheer was short-lived as it turned out that the 60 paise cut was just an error on part of the IOCL and the actual reduction in price was a meagre 1 paisa.
After 16 days of continuous hike, fuel prices on Wednesday witnessed a slight drop.
Congress spokesperson RPN Singh said the high fuel prices have adversely impacted the people, especially the middle class and farmers, which has led to agitation across the country. In all, petrol prices saw a total hike of ₹ 3.8 per litre, while the price of diesel has gone up by ₹ 3.38 in this past fortnight.
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Kerala's move could put pressure on other states, mostly ruled by Prime Minister Narendra Modi's Bharatiya Janata Party, to reduce taxes. This is especially big when you consider the fact that earlier today the centre announced a price reduction of just 1 paisa. The government also received Rs20 tax on petrol while Rs30 on diesel.
Seeking a roll back of the fuel rates, Yechury said, "In states like West Bengal too, CM's approach to people's misery is exactly what Modi at the Centre's is: Callous disregard for their agony".
The refiners have changed the formula for calculating fuel prices and now use a 15-day moving average of the landed cost of crude oil which currently stands at $92.89 a barrel.
Global crude prices have risen by two-thirds in 11 months. These taxes include central excise duty and VAT.