Kerala to reduce on petrol and diesel by Re 1

Petrol Prices

India's top fuel retailer trims petrol, diesel prices

"All this will reflect in reduction in retail rates in coming days", he said. Fuel prices in Delhi now stand at Rs 78.42 per litre for petrol and Rs 69.30 per litre for diesel.

"Dear PM, You've cut the price of Petrol and Diesel today by 1 paisa".

After claiming that it was reducing the fuel prices by 59 paise in metro cities, the Indian Oil Corporation (IOC) cut the prices only by one paisa.

The price effected today is based on average worldwide rate from May 15 to May 29.

According to a media report, the Ministry of Petroleum and Natural Gas has given an approval for petrol and diesel futures.

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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.

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 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.

With consumers feeling the heat of surging fuel prices, there have been demands and suggestions from various quarters, including from within the government, for immediate action to curb the prices.

Petrol and diesel prices have been sailing northwards for the past two weeks and today was the first time that the prices were cut.

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