Petrol and diesel prices were today cut by 1 paisa per litre each, the first reduction after 16 days of relentless price hikes. The petrol prices in the metros are Rs. 78.46 per litre in Delhi, Rs. 86.27 in Mumbai, Rs. 81.09 in Kolkata and Rs. 81.46 in Chennai. The marginal 1 paisa cut fuelled anger on social media.
"There is a softening in global oil prices and rupee has strengthened against the U.S. dollar, making imports cheaper".
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Rising fuel prices are highly likely to be discussed at the Reserve Bank's rate-setting panel, Monetary Policy Committee's (MPC) three-day meet beginning on June 4. Kerala charges 32.02 per cent on petrol and 25.5 per cent on diesel.
"There was a technical glitch in posting the selling prices of petrol and diesel on our website today", the company said in its statement, clarifying the revised fuel prices. Petrol is priced at Rs 82.57 per litre and Diesel at Rs 75.14 per litre.
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Petroleum prices do not fall under the ambit of Goods and Services Tax (GST) and are one of the big sources of revenue for the state government.
The Union minister also urged the opposition against politicising the issue and said other states, irrespective of being governed by BJP or not, should try and ease the burden from the consumers, who have faced the brunt of 16 consecutive days of fuel price hike.
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Petrol and diesel prices have been sailing northwards for the past two weeks and today was the first time that the prices were cut.