Rahul terms one paisa fuel price cut as 'prank'

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The petrol prices have been cut down to 60 paise in Delhi and 59 paise in Mumbai while diesel price went down by 56 paise in Delhi and 59 paise in Mumbai.

But the marginal decline had its share of excitement with state-owned Indian Oil Corp (IOC) first announcing a reduction of 60 paise - the biggest since daily price revision was introduced in mid-June a year ago, only to retract it within a couple of hours citing a technical error. Diesel prices are at Rs.69.3 a litre in Delhi, Rs. 71.85 a litre in Kolkata, Rs. 73.78 a litre in Mumbai and Rs. 73.17 a litre in Chennai.

Fuel prices vary from state to state due to local taxes. The revised prices will come into effect from June 1. The selling prices of petrol and diesel with effect from May 30, 2018 have been rectified. In all, petrol price was increased by ₹ 3.8 per litre and diesel by Rs 3.38 in that fortnight.

Delhi has the cheapest price among all metros and most state capitals.

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

Hours after the Centre on Wednesday reduced petrol and diesel prices by one paisa, Congress chief Rahul Gandhi mocked at Prime Minister Narendra Modi for the childish response to the FuelChallenge that he had thrown at him and slammed him for his poor taste in pranks.

A decision in this regard was taken at the state cabinet today. This will cause a revenue loss of Rs 509 crore annually. India's three state-run fuel retailers - IOC, BPCL (Bharat Petroleum Corporation Limited) and HPCL (Hindustan Petroleum Corporation Limited) - control most of India's fuel retail market and tend to move their fuel prices in tandem.