Petrol price cut by 7 paise per litre, diesel by 5 paise

Employees at a petrol Pump in Kolkata on Saturday as the fuel prices remain at record high level

Employees at a petrol Pump in Kolkata on Saturday as the fuel prices remain at record high level

The Indian Oil Corporation on Thursday cut the price of petrol by 7 paise per litre and diesel price by 5 paise per litre, on the back of softening global oil rates.

Petrol and diesel prices were lowered today, marking the first such reduction in the last 17 days. To be sure, with both those trends set to reverse, fuel prices should decline, experts said.

"The reduction was supposed to be 1 paisa but due to a clerical error the price prevailing on May 25 was communicated as today's price", said a senior official of the state-owned Indian Oil Corporation. The party supremo and West Bengal Chief Minister Mamata Banerjee had in a recent tweet expressed concern over the spiralling prices of petrol and diesel.

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

He also welcomed Kerala government's move of cutting the fuel price by Re 1 earlier in the day. "It shows the government's complete insensitivity and failure to stop the fuel price hike". The Centre was roasted on social media and Congress President Rahul Gandhi called it a "cruel joke". The government also received Rs20 tax on petrol while Rs30 on diesel. In a rebuff to Vijayan's remarks that the cut in fuel prices was a message to the BJP-ruled Centre, Pradhan alleged it was the Centre which had appealed to the Kerala government for a reduction in oil prices but its offer was spurned by state Finance Minister Thoman Issac. It is doing nothing but mocking the unprecedented miseries and hardships of the common people.

The revised petrol prices in metropolitan cities are- Delhi: Rs 77.83 per litre; Mumbai: 85.65; Kolkata: 80.47 and Chennai: 80.80. These taxes include central excise duty and VAT.

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