Fuel prices in India have not been slashed

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Petrol price in Delhi was cut by 60 paise to ₹ 77.83 a litre. Petrol and diesel price in Kochi on Tuesday was at Rs 81.17 and Rs 73.77, respectively.

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

The CPI (M)-led Kerala government slashed the state tax imposed on petroleum products by a rupee in view of the rising fuel prices and Vijayan said the onus was now on the Centre to effect a price reduction from its end. "Since we moved to the mechanism of daily price change, prices have gone up and down by 1 paisa, 12 paise, 27 paise etc".

Even as worldwide crude oil prices are coming down, fuel prices in the country were going up, he claimed. "All this will reflect in reduction in retail rates in coming days", he said.

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Fuel prices have been going up over the last 2 weeks.

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.

Since petrol and diesel remain outside the ambit of Goods and Services Tax, states also levy hefty sales tax and value added tax (VAT). The Narendra Modi government, which came to power in May that year, took advantage of the low oil prices to jack up the excise duty on petrol and diesel.

This comes the day the Centre cut fuel prices after 16 consecutive hikes, but by only one paisa.

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