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Marginal Reduction in Fuel Prices for 3rd Straight Day; Kerala Govt’s Symbolic Cut Kicks In Today

In Friday’s reduction, petrol price has been cut by 6 paise per litre and diesel by 5 paise per litre in New Delhi and Mumbai.

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Updated:June 1, 2018, 10:33 AM IST
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Marginal Reduction in Fuel Prices for 3rd Straight Day; Kerala Govt’s Symbolic Cut Kicks In Today
Representative image (PTI)
New Delhi: Fuel price cut continued for the third consecutive day on Friday with the Indian Oil Corporation (IOCL) reducing petrol prices by 6 paise per litre and diesel by 5 paise per litre in New Delhi and Mumbai.

Petrol in Delhi now costs Rs 78.29 a litre, down from Rs 78.35, according to a price notification issued by state-owned oil firms. Diesel costs Rs 69.20 a litre in the national capital.

This comes two days after petrol and diesel prices were on Wednesday cut by 1 paisa a litre each.

IOC since May 30 has cut petrol prices by 14 paise and diesel prices by 10 paise in New Delhi, while similar price reductions were implemented in other cities across the country.

petrol-june1
www.iocl.com

diesel-june1
www.iocl.com

The recent reduction in fuel prices follows a consecutive 16-day hike in fuel prices across the country initiated by Oil Marketing Companies (OMCs) post Karnataka elections, which had led to a cumulative hike of Rs 3.80 per litre in petrol and Rs 3.38 per litre in diesel prices in the national capital.

Kerala, on the other hand, will see a reduction in fuel prices by Re 1 a litre after the state government decided to forgo Rs 1 each from the state tax on petrol and diesel.

Chief Minister Pinarayi Vijayan, after the weekly cabinet meeting, told reporters that the government decision should be treated as a token initiative which should prompt the central government to take immediate steps to cut down the price of petrol and diesel.

Subhash Chandra Garg, Economic Affairs Secretary at the Centre, on Thursday indicated that retail prices of petrol and diesel could see a further decline. Asked about a mere 1 paise reduction in petrol price announced by oil companies on Wednesday, Garg termed it "formula driven", but added that the trend for reduction had begun.

"Last three-day data indicates that there is a perception that possibly the oil prices have stabilised. If that trend continues, I hope we will have a manageable situation. At one point crude oil prices had risen near to $80 per barrel. Now it has come down to $75-76," Garg told reporters on Thursday.

Garg remained non-committal when asked the details of the long-term solution being formulated by the government to keep fuel prices from peaking to record levels.

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| Edited by: Nitya Thirumalai
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