Kerala to reduce fuel price by Rs.1

Kerala Chief Minister Pinarayi Vijayan on Wednesday announced that the state government will reduce the prices of petrol and diesel by Rs.1in the state.

The move comes amid a continuous hike in petrol and diesel prices that have been steadily rising every day.

"The Kerala government has decided to reduce the prices of petrol and diesel by rupee one in the state. It will come into effect from June 1," Vijayan said at a press conference.

Earlier in the day, the Indian Oil Corporation (IOCL), in a statement, said that the petrol prices in Delhi have gone down by one paisa after 16 straight days.

On Wednesday, in Delhi, Kolkata, Mumbai and Chennai, petrol retailed at Rs 78.42, Rs 81.05, Rs 86.23 and Rs 81.42 per litre respectively while diesel sold at Rs 69.50, Rs 71.85, Rs 73.78 and Rs 73.17 per litre in Delhi, Kolkata, Mumbai and Chennai respectively.

Prices vary from state to state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.

Earlier, Petroleum and Natural Gas Minister Dharmendra Pradhan on May 28 attributed the rising price to the increase in the cost of crude oil in the international market and the rupee-dollar exchange rate.