Oil Ministry approves futures trading of petrol and diesel

30 May, 2018, 17:50 | Author: Franklin Nunez
  • India's top fuel retailer trims petrol, diesel prices

Congress president Rahul Gandhi on Wednesday slammed the one paisa cut in fuel prices, saying if this was Prime Minister Narendra Modi's idea of a "prank", it was "childish and in poor taste".

Fuel prices vary from state to state due to local taxes.

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"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. Rates had yesterday touched an all time high of ₹ 78.43 per litre, according to a price revision notification of state-owned oil firms.

"Dear PM, You've cut the price of Petrol and Diesel today by 1 paisa". Diesel rates were reduced by a similar proportion to ₹73.20.

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Prices for petrol and diesel in India have been at an all time high due to the rise in worldwide crude oil prices, and the weakness of the Indian Rupee against the United States dollar.

Delhi has the cheapest price among all metros and most state capitals. For tomorrow's rate, the average from May 16 to May 30 will be taken.

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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. Finance Minister Thomas Issac has said tax reduction could lead to a loss of Rs 500 crore. The state cabinet has made a decision to forgo Re 1 each from the state tax on petrol and diesel. Yes, you read that right, one paise per litre. India's three state-run fuel retailers - IOC, BPCL (Bharat Petroleum Corporation Limited) and HPCL (Hindustan Petroleum Corporation Limited) - control most of India's fuel retail market and tend to move their fuel prices in tandem.

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