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Petrol, diesel price cut by 1 paisa a litre

30 May, 2018, 19:46 | Author: Sara Gill
  • Employees at a petrol Pump in Kolkata on Saturday as the fuel prices remain at record high level

The rise was seen soon after the Karnataka elections were held, the price went up by Rs 3.79 per liter for petrol and by Rs 3.37 for diesel. The selling prices of petrol and diesel with effect from May 30, 2018 have been rectified. Meanwhile, the cost of diesel per litre as on Wednesday is Rs 68.75 per litre in Delhi, Rs 73.20 per litre in Mumbai, Rs. 71.30 in Kolkata and Rs. 72.58 in Chennai.

With prices of fuel at an all-time high, Indians today woke up to the news that the price of petrol had been slashed by 60 paise while the price of diesel was down by 59 paise.

After 16-day continuous increase in the raise of fuel prices, Indian Oil Corp's (IOC) has reduced "1 paise" giving a "relief" to people. "All this will reflect in reduction in retail rates in coming days", he said.

Going into a damage-control mode, Pradhan said since the nation moved to the mechanism of daily price revision from July 2017, fuel rates have increased and decreased between 1 paisa and 27 paise.


The central government levies Rs 19.48 a litre of excise duty on petrol and Rs 15.33 per litre on diesel.

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. 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.

Delhi has the cheapest price among all metros and most state capitals. Kerala charges 32.02 per cent on petrol and 25.5 per cent on diesel.

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