That 93 paise went to pockets of oil companies

THIRUVANANTHAPURAM: Oil companies stole 93 paise before consumers arrived at petrol pumps on Monday morning in the relief of the Centre slashing fuel prices. Oil companies hiked petrol prices by 79 paise after the central government reduced fuel excise duty. As a result, the price of petrol increased by 93 paise including taxes. The companies kept this a secret. The matter came to light after many complained that they did not see the expected reduction in petrol prices. Meanwhile, there was a campaign that the state government had increased prices

The Centre had reduced excise duty on petrol by Rs 8 and diesel by Rs 6. Proportionately, the price of petrol should come down by Rs 10.41 and diesel by Rs 7.36. Although the price of diesel was reduced by Rs 7.36, the price of petrol came down by only Rs 9.48. Oil companies raised the petrol prices before the price reduction came into effect at 6 am.

The base price of petrol is Rs 57.38

• Oil Company Charges 3.78
• Central duty 27.90
• Kerala VAT 26.79

After a reduction of Rs 8

• Central duty Rs 19.90
• Kerala VAT 24.38
• Difference 2.41
• Oil companies raised the base price of petrol by 79 paise (93 paise inclusive of taxes)
• 2 paise hike for diesel (less than 5 paise will not be implemented)
• The monthly fuel tax revenue in the state- Rs 850 crore
• Amount of fuel sold in a day is 116 lakh litRes