Petrol price cut by 60 paise per litre, diesel by 56 paise

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

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

In all, petrol price was increased by ₹3.8 per litre and diesel by ₹3.38 in that fortnight.

The government raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October past year by Rs 2 a litre.

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.

"The reduction was supposed to be 1 paisa but due to a clerical error the price prevalent on May 25 was communicated as today's price", news agency Press Trust of India reported, quoting a senior official of Indian Oil Corporation.

The fuel prices were cut for the first time after 16 days of continuous rise in rates.

Israeli army kills two militants in Gaza border shelling: Medics
According to the Israeli army, the four were in Israel for about a minute and left a tent that read " The March of Return ". According to the Islamic Jihad group, two men were part of their armed wing, called the al-Quds Brigades.

Oil Companies have absorbed the Price Hike for 19 days to prevent Public Backlash for BJP during the Karnataka Elections. Interestingly, Kerala is the first state to take up such initiative in order to bring down the fuel prices.

However, it has changed tack since then and is now banking on the global market to cool domestic prices.

The price of petrol in the capital is now ₹ 78.42 a litre, while diesel is at ₹ 69.30 a litre.

Petroleum prices do not fall under the ambit of Goods and Services Tax (GST) and are one of the big sources of revenue for the state government. Diesel rates were reduced by a similar proportion to ₹ 73.20.

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