It was announced that this was due to a 'clerical error'. "I thank them for it", ANI quoted Pradhan as saying. "Prime Minister (Narendra Modi) spends Rs 4,600 crore (4.6 billion) in advertisements in five years, and they reduce fuel prices by just one paisa", he added.
Petrol and diesel prices in India are linked to Singapore gasoline prices GL95-SIN and Arab Gulf diesel prices GO-AG, which mostly track movements in crude oil prices LCOc1. The spike in petrol and diesel prices has already raised the spectre of an interest rate hike after the monetary policy committee meeting early next month. "ONE paisa!?? If this is your idea of a prank, it's childish and in poor taste", he said.
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.
A worker fills diesel in a vehicle as he holds 500 Indian rupee banknotes at a fuel station in Kolkata, India, November 9, 2016. The selling prices of petrol and diesel with effect from May 30, 2018 have been rectified.
"No BJP-ruled state has done this so far". Centre and other states should follow Kerala example and lower taxes right away.
An excise duty cut can upset the government's fiscal math. Oil refiners had switched to daily revision in prices past year.
The Oil and Gas Regulatory Authority (OGRA) on Wednesday sent a summary to the power division suggesting increase in various petroleum products effective from June 1.
The government is, however, unlikely to pass on the full impact worked out by the regulator in view of this being the last price adjustment of its tenure.
The Left party also asked the people to protest against such anti-people policies of the government. The cost of petrol and diesel will vary from state to state depends on local sales tax or VAT.
In Chandigarh, Punjab Chief Minister Amarinder Singh described the one paisa cut in fuel prices a "cruel joke" on the people. State-owned oil companies on Wednesday morning had announced reduction in petrol price by 60 paise to Rs 77.83 a litre and diesel by 56 paise to Rs 68.75 in Delhi.