Petrol prices cut by 1 paise!

After completion of polling in Karnataka, Petrol and Diesel prices were increased relentlessly every day during past 30 days. In the last fortnight Petrol price at Hyderabad was hiked from Rs.79.37 to Rs. 83.13 (an  increase of 4.7% in 15 days). Today oil companies have announced reduction of petrol by Rs.0.60 today and quickly corrected it to Rs.0.01 (1 Paise) citing clerical error is a cruel joke on consumers. While reduction was announced by Oil companies routinely, the correction announcement is suspected to be at the behest of government for unknown reasons. With large scale usage computers and other technologies, citing clerical error is unacceptable non sense. If it is true, that clerk and his superior officers should have got suspension orders right away but no such thing has happened. While oil prices fell by 70% between 2014-17, both central and state governments merrily increased excise duty and VAT and ensured that consumer got the benefit of 15% only while 85% of low price benefit was grabbed by them. Now in 2018, while oil prices have gone up from $30 to $84 per barrel, neither centre nor state(s) are prepared to reduce their taxes and provide relief to consumer. They are insensitive to the inflationary effects their action and inaction.  Ironically, leakages suggested that government is mulling excise duty cut on petrol & diesel and wants states also to cut their VAT and consumers were expecting some big relief, for which Modi & Jaitley were never known for.