Petrol price cut by 7 paise, diesel by 5 paise

Petrol price rose by nearly Rs 4 in the last 16 days

Petrol price rose by nearly Rs 4 in the last 16 days

Fuel prices continue to touch another peak for the 16th consecutive day, with petrol being sold at Rs 78.43 per litre in Delhi and Rs 86.24 per litre in Mumbai.

"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.

As mentioned before, fuel prices have been increasing consistently for the past sixteen days, since May 14, 2018. The straight fuel price hike has caused inconvenience and disappointment among the general public for the last 16th days.

The petrol prices have been cut down to 60 paise in Delhi and 59 paise in Mumbai while diesel price went down by 56 paise in Delhi and 59 paise in Mumbai.

Suggesting that Modi should follow Kerala's example and reduce the duties on fuel, CPI (M) general secretary Sitaram Yechury alleged that while the Centre was giving Rs 3 lakh crore of relief for big unpaid loans of corporates, it had just given 1 paise relief for the common Indian.

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The one paisa cut sparked derisive barbs on social media, with the attack led by Congress president Rahul Gandhi. And as they had to backtrack to the actual one paisa cut, people felt absolutely insulted. State finance minister Thomas Isaac announced the decision during a TV interview. 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. The government also received Rs20 tax on petrol while Rs30 on diesel.

One user posted a picture of the long gone 5 paise coin, saying "My savings today after filling 5 litres of petrol".

An excise duty cut can upset the government's fiscal math.

Pradhan also said that Kerala was one of the highest tax collecting states.

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