Amidst soaring fuel prices, Kerala government has made a decision to effect a reduction of Re 1 in petrol and diesel prices. The current petrol price in Mumbai is Rs 86.23 per litre from the previous Rs 86.24 per litre and the current diesel price is Rs 73.78 per litre from the previous Rs 73.79 per litre. Initially, IOC website had shown the fall as 50 to 60 paise per litre, that it later retracted to 1 paisa saying that it was a "technical glitch".
The reason behind the increase in petrol prices in the country is the rise in the crude oil cost and high excise duty levied on the particular fuel type. "It's been five days now, but nobody has come to buy potatoes", said a concerned potato farmer.
Rates had yesterday touched an all time high of Rs 78.43 per litre for petrol and Rs 69.31 a litre for diesel in Delhi. However, within a span of a few hours, those changes were deleted and instead a measly reduction of 1 paise a litre in both the auto fuels was announced.
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State sales tax or VAT vary from state to state.
The marginal reduction comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates.
Delhi has the cheapest price among all metros and most state capitals. Petrol is priced at Rs 82.57 per litre and Diesel at Rs 75.14 per litre.