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Rahul Gandhi terms 1 paisa petrol price cut as `prank, childish move`

Rahul Gandhi terms 1 paisa petrol price cut as `prank, childish move`

Petrol and diesel prices were cut marginally for the second straight day, after 16 consecutive hikes.

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. The state-run oil marketing company reduced petrol and diesel prices by just one paisa on Wednesday - a move that was mocked by social media users and Opposition politicians. "Today, there is a minor reduction in fuel prices", the statement said. The selling prices of petrol and diesel with effect from May 30, 2018 have been rectified.

The typo or the "technical glitch" as International Olympic Committee likes to put it, if had gone unnoticed, would have cost oil companies Rs 18.5 crore a day (Rs 14 crore for diesel and Rs 4.5 crore for petrol).

The main reason for the futures is to hedge against rising prices of petrol and diesel.

The government is, however, unlikely to pass on the full impact worked out by the regulator in view of this being the last price adjustment of its tenure. "Prime Minister (Narendra Modi) spends Rs 4,600 crore (4.6 billion) in advertisements in five years, and they reduce fuel prices by just one paisa", he added. This is the second reduction in as many days on the back of softening global oil rates. The government also received Rs20 tax on petrol while Rs30 on diesel.

The Modi government came under attack from common people as well. The levy on petrol has risen by nearly 238 per cent from Rs 5.75 per litre in May 2014 to Rs 19.48 per litre now.

Pradhan also said that Kerala was one of the highest tax collecting states. These taxes include central excise duty and VAT.

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