The price reduction, which was surrounded in confusion initially, was marginal at best. Petrol and diesel prices were today cut by one paisa per litre each, the first reduction after 16 days of relentless price hikes.
The petrol price in the state today was Rs 82 per litre, while for diesel it was Rs 75, he said.
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.
"Kerala did good by reducing the price".
Kerala is one of the states that charge high tax rates on petrol and diesel. Petrol and diesel price in Kochi on Tuesday was at Rs 81.17 and Rs 73.77, respectively.More news: Russian Journalist Killed : Anti-Putin Reporter Found Murdered in Kiev
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"I welcome it. One must also note that Kerala is one of the highest tax-collecting states and when we appealed (for fuel price cut), their Finance Minister gave a negative statement, but now they took responsibility".
In Kolkata, the party questioned the TMC's protest against the current fuel prices and asked it to reduce state-level taxes if it was "really serious" about the issue. But within hours it revised the rate to show a reduction of 1 paisa.
Prices for petrol and diesel in India have been at an all time high due to the rise in worldwide crude oil prices, and the weakness of the Indian Rupee against the United States dollar.
Seeking a roll back of the fuel rates, Yechury said, "In states like West Bengal too, CM's approach to people's misery is exactly what Modi at the Centre's is: Callous disregard for their agony".
Prices vary from state to state depending on local sales tax or VAT.