Oil Ministry approves futures trading of petrol and diesel

Mae Love
May 31, 2018

While Kerala CM has announced a cut of Rs 1 per litre on the tax on fuel, Punjab CM Amarinder Singh described "1 paisa" reduction of fuel price as a cruel joke.

The price reduction, which was surrounded in confusion initially, was marginal at best.

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.

While the price was increased almost Rs 4 per litre during May 14 to May 29 with an average increase of 15 to 30 paise daily, the reduction of 1 paisa invited severe wrath of people.

Oil companies use 15-day rolling average of Singapore gasoline prices and Arab Gulf diesel prices to arrive at daily rates and so the fall in global oil rates seen in the last few days would be factored in for the revisions in the coming days, he said.

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Petrol and diesel prices have been sailing northwards for the past two weeks and today was the first time that the prices were cut. "1Paise reduced. Thank God for reducing the petrol price". With this step, Kerala has become the first state in the country that has chose to take a hit on its revenue to mitigate the impact of higher global prices on customers.

"I welcome it. One must also note that Kerala is one of the highest tax-collecting states and when we appealed (for fuel price cut), their Finance Minister gave a negative statement, but now they took responsibility".

A 1 paisa cut in the price in one day is nothing but making a mockery out of the common man who is bogged down by the prices increase. The reason behind the increase in petrol prices in the country is the rise in the crude oil cost and high taxes levied by the central and state government.

Maharashtra Chief Minister Devendra Fadnavis last week suggested bringing fuel under the ambit of GST, saying it would ensure reduction of rates.

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