The reduction comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates.
Interestingly, prices for the next month have been worked out on the basis of higher-than-notified tax rates for high-speed diesel (HSD) on the orders of the Ministry of Finance to enable the government to announce a relatively lower rate for political objectives. Prices of both petrol and diesel were cut just by a paisa across the country.
The "Joke of Petrol, diesel prices cut by 1 paisa" did not go down well with people on social media.
On Monday, Economic affairs secretary Subhash Chandra Garg had said that fuel prices are expected to cool in the coming days.
"The reduction was supposed to be 1 paisa but due to a clerical error the price prevailing on May 25 was communicated as today's price", said a senior official of the state-owned Indian Oil Corporation.
He also welcomed Kerala government's move of cutting the fuel price by Re 1 earlier in the day. It is not for the first time that there has been a change of 1 paisa.
The Modi government came under attack from common people as well.
During one year, the government increased the price of diesel by Rs15.76. It also suggested that to further rationalise fuel prices states can consider a pricing mechanism where VAT is imposed on base price only by states and not on prices inclusive of the Centre's tax.
A file image of Kerala chief minister Pinarayi Vijayan. PTI.
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