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. Initially, IOC website had shown the fall as 50 to 60 paise per litre, that it later retracted to 1 paisa saying that it was a "technical glitch".
As of today, petrol and diesel in Mumbai are Rs 86.23 per litre and Rs 73.78 per litre, having decreased by exactly 1 paise over yesterday's price, respectively. With this, Kerala becomes the first state in the country to reduce the fuel prices. Businesses affected by fuel price revisions including large fleet operators, petrol pump owners, refineries and oil marketing companies could make use of these to reduce their losses.
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 worldwide oil rates seen in the last few days would be factored in for the revisions in the coming days, he said.
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State sales tax or VAT vary from state to state. "Once petrol and diesel are brought under the ambit of GST, its threshold will change, because right now, taxes upon taxes are levied which increases rates".
The marginal 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. For many, it was a welcome relief after 16 straight days of hikes in petrol and diesel prices.