Rahul terms one paisa fuel price cut as 'prank'

31 May, 2018, 18:33 | Author: Regina Lloyd
  • Petrol price rose by nearly Rs 4 in the last 16 days

Terming the one paisa fuel price cut as "prank", Rahul Gandhi mocked PM Narendra Modi, saying the price cut was a childish response to the Fuel Challenge that he had thrown at him.

This morning, the Indian Oil website first showed 60 and 56 paise a litre cuts in petrol and diesel prices in Delhi.

As mentioned before, fuel prices have been increasing consistently for the past sixteen days, since May 14, 2018.

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.

The Congress party on Tuesday slammed the Narendra Modi government for failing to reduce prices of petroleum products and said it was engaged only in managing elections and headlines.




Prices vary from state to state depending on local sales tax or VAT. In Mumbai, petrol cost Rs 86.23 per litre and diesel was Rs 73.78 on Wednesday.

After claiming that it was reducing the fuel prices by 59 paise in metro cities, the Indian Oil Corporation (IOC) cut the prices only by one paisa.

On Wednesday afternoon, Kerala Chief Minister Pinarayi Vijayan announced that fuel prices would be reduced by Re 1 after the Centre announced a 1 paise cut in fuel prices, prompting a sharp reaction from the opposition and the people of India.

The prospects of a partial relief to consumers from record high petrol and diesel prices dampened after IndianOil stated that auto fuel prices were each cut by just one paisa a litre. The government also received Rs20 tax on petrol while Rs30 on diesel. They have begun a decline in the global market while the rupee has strengthened in the last few days, indicates that local fuel rates can only drop in the coming days. India's retail prices are at their highest even though the crude price is far lower than what it was four years ago because taxes levied on retail price have increased significantly. State finance minister Thomas Isaac announced the decision during a TV interview. State govt to forego revenue of Rs 500 crore annually.

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