Petrol and diesel prices have been sailing northwards for the past two weeks and today was the first time that the prices were cut.
In all, petrol price was increased by Rs 3.8 per litre and diesel by Rs 3.38 in that fortnight. But the happiness was short-lived as the Indian Oil Corporation quickly clarified that the actual price reduction was only one paisa per litre and blamed a "clerical error" for the mixup. 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. This was rectified to 1 paisa a litre. "All this will reflect in reduction in retail rates in coming days", he said.
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Rising fuel prices are highly likely to be discussed at the Reserve Bank's rate-setting panel, Monetary Policy Committee's (MPC) three-day meet beginning on June 4.
State sales tax or VAT vary from state to state. Meanwhile, diesel is priced at Rs. 69.34 in Delhi, Rs. 73.82 in Mumbai, Rs 71.88 in Kolkata and Rs.73.21 in Chennai. Diesel rates were reduced by a similar proportion to ₹73.20.
As a part of the online campaign, titled "Tweet Morcha", the opposition would mobilise people to post tweets to Prime Minister Narendra Modi and Chief Minister Devendra Fadnavis over the issue and suggest ways to reduce the fuel prices, Mumbai Congress chief Sanjay Nirupam told PTI today.