Amid rising fuel prices, a petrol pump owner in Kerala has started offering petrol and diesel at reduced rates to ease the burden on consumers. Bineesh Joseph, an HP dealer from Thodupuzha in Kerala's Idukki district, has been selling petrol and diesel cheaper by Re 1 per litre compared to the day's prices.
Joseph is foregoing Re 1 from his dealer commission to offer the fuel at cheaper rates. The petrol station saw a significant crowd after consumers rushed to the petrol station to buy petrol and diesel at cheaper rates.
Petrol prices have breached the century mark in various cities in the country as oil marketing companies are passing on the burden of hike in crude oil prices to the consumers.
The prices of petrol and diesel in New Delhi stood at Rs 91.17 per litre and Rs 81.47 per litre, respectively, according to the Indian Oil Corporation Limited (IOCL). In Mumbai, the price of petrol is Rs 97.57 per litre. The price of diesel stood at Rs 88.60 per litre.
Petrol and diesel prices have been rising continuously since February 9. In the 14 increases since then, the prices have gone up by Rs 4.22 per litre for petrol and Rs 4.34 a litre for diesel in Delhi.
The Modi government had raised taxes to scoop out the benefit that arose from international oil rates plunging to a two-decade low in April/May last year. While global rates have rebounded with the pick-up in demand, the government has not restored the taxes, which are at a record high.
Central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel.