One paisa petrol price cut: Is there no solution?

Petrol price rose by nearly Rs 4 in the last 16 days

Petrol and diesel prices were on Wednesday cut by 1 paisa a litre each after a 16-day relentless price hike that followed lifting of a almost three-week hiatus on price revision just before Karnataka went to polls.

On Wednesday, oil prices dropped to about $75 a barrel after Saudi Arabia and Russian Federation announced their decision to relax restrictions on supply that had led to an increase in crude prices, Reuters reported.

Similarly, India consumed 23.85 crore litres of diesel a day in April and the country saves Rs 23.85 lakh a day, courtesy a 1 paisa per litre cut on diesel. "All states, whether governed by BJP or opposition, should try to reduce fuel prices", he said, adding that each state had different priorities and responsibilities.

Oil minister Dharmendra 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. Diesel prices were at Rs 69.25 a litre, Rs 71.8 a litre, Rs 73.73 a litre and Rs 73.12 a litre respectively.

The main reason for the futures is to hedge against rising prices of petrol and diesel.

International Olympic Committee said in a statement: "There was a technical glitch in posting the selling prices of petrol and diesel".

The one paisa cut sparked derisive barbs on social media, with the attack led by Congress president Rahul Gandhi. "Now will PM Modi be willing to roll back his tax hike?" tweeted TM Thomas Isaac, Kerala's finance minister.

Global crude prices have risen by two-thirds in 11 months. Kerala now levies 24.52 per cent tax on diesel and 31.8 per cent on petrol. It is doing nothing but mocking the unprecedented miseries and hardships of the common people.

Petrol in Delhi now costs Rs 78.35 a litre, down from Rs 78.42.

An excise duty cut can upset the government's fiscal math.

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