Petrol Price

After diesel prices were reduced in Odisha from Rs 102.22 to Rs 94.74 per litre on May 26, the state government has cut the bus fares, reducing the burden of daily commuters. The reduced rates apply to the stage carriages and not the town buses plying within the state of Odisha. For regular, delux and premium buses, the fare is reduced by three paise, six paise and nine paise, respectively.

In the National Capital of India, Delhi, the cost of vegetables and fruits have gone up as of October 25, due to the surging fuel prices which is simultaneously increasing the transportation cost. "Petrol and Diesel prices have increased transportation as well as toll costs", a trader from the Ghazipur Mandi said. "There is reduced supply in the market," he further added.

According to the Karnataka CM, Basavaraj Bommai, the fuel price in the state would remain intact irrespective of the policy done by Tamil Nadu. When asked about whether the price of the fuel will be reduced or not, Bommai responded, “There’s no proposal like that.” Tamil Nadu’s DMK government has lowered the fuel price by Rs 3 by reducing the tax levy. Currently, petrol in Bangalore costs Rs 105.25.

In order to ease the inflation, the RBI’s Monetary Policy Committee on June 4 suggested the Centre and states to reduce taxes and duties on fuel. The RBI’s remark came as petrol prices crossed Rs 100/litre in some states. Reportedly, taxes constitute 58% and 52% of petrol and diesel price. Highlighting the need for adjustment in excise duties, cess and taxes by governments, the MPC predicted inflation rate at 5.1%.