Thiruvanantapuram: Amid growing concerns over rise in fuel prices across the nation, the Kerala government on Wednesday decided to reduce the prices of petrol and diesel by 1 Rupee in the state. Chief Minister of Kerala, Pinarayi Vijayan informed that the deduction in the fuel prices will come into effect from June 1, 2018.
With the latest development, Kerala becomes the first state to announce a cut in fuel prices. Last week, the government too had stated that it was working on a long-term solution to address the volatility in fuel prices.
On Wednesday, petrol and diesel prices were cut by 1 paisa per litre each, the first reduction after 16 days of relentless price hikes. But, state-owned Indian Oil Corp (IOC) first announced a reduction of 60 paise, only to retract it within a couple of hours citing a technical error. The glitch was that the oil companies this morning 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. This was rectified to 1 paisa a litre. After the 1 paisa cut, petrol in Delhi now costs Rs 78.42 per litre and diesel Rs 69.30.
Reports inform that the price effected today is based on average international rate from May 15 to May 29. For tomorrow’s rate, the average from May 16 to May 30 will be taken. Rates had yesterday touched an all time high of Rs 78.43 per litre for petrol and Rs 69.31 a litre for diesel in Delhi.