NEW DELHI: State-run Indian Oil on Saturday slashed petrol and diesel prices by up to Rs 15.3 per litre in Lakshadweep islands, marking the sharpest fuel price cut ever in the country.
The move comes within weeks of Prime Minister Narendra Modi posting pictures of his visit to the islands on Jan 24 that went viral on social media and set off buzz govt is moving to develop Lakshadweep as a tourist haven to counter Maldives amid worsening bilateral relations.
Indian Oil reduced the prices by removing Rs 6.9 per litre charged for the last three years towards recovery of capital expenditure on infrastructure at Kavaratti and Minicoy for transporting and distributing fuel to the remote islands as well as low or unviable volumes.”Since the full recovery of capital expenditure has now been achieved, this element is being removed from the prices of petrol & diesel. To equate the price of all islands, the available margin of Rs 7.6 (Rs 9.6 plus 10% VAT) a litre has been distributed across the four islands based on their sales volume,” the oil ministry said.
In Andrott and Kalpeni islands, both petrol and diesel prices have been reduced by Rs 15.30 per litre, while prices have gone down by Rs 5.2 in Kavaratti and Minicoy islands. Petrol price in Kavaratti and Minicoy has been cut to Rs 100.75 per litre from Rs 105.94. In Andrott and Kalpeni, the price has come down to Rs 100.75 a litre from Rs 116.13. Similarly, diesel rates have been revised to Rs 95.71 a litre in Kavaratti and Minicoy from Rs 110.91 earlier and to Rs 95.71 in Andrott and Kalpeni from Rs 111.04 previously. tnn
The move comes within weeks of Prime Minister Narendra Modi posting pictures of his visit to the islands on Jan 24 that went viral on social media and set off buzz govt is moving to develop Lakshadweep as a tourist haven to counter Maldives amid worsening bilateral relations.
Indian Oil reduced the prices by removing Rs 6.9 per litre charged for the last three years towards recovery of capital expenditure on infrastructure at Kavaratti and Minicoy for transporting and distributing fuel to the remote islands as well as low or unviable volumes.”Since the full recovery of capital expenditure has now been achieved, this element is being removed from the prices of petrol & diesel. To equate the price of all islands, the available margin of Rs 7.6 (Rs 9.6 plus 10% VAT) a litre has been distributed across the four islands based on their sales volume,” the oil ministry said.
In Andrott and Kalpeni islands, both petrol and diesel prices have been reduced by Rs 15.30 per litre, while prices have gone down by Rs 5.2 in Kavaratti and Minicoy islands. Petrol price in Kavaratti and Minicoy has been cut to Rs 100.75 per litre from Rs 105.94. In Andrott and Kalpeni, the price has come down to Rs 100.75 a litre from Rs 116.13. Similarly, diesel rates have been revised to Rs 95.71 a litre in Kavaratti and Minicoy from Rs 110.91 earlier and to Rs 95.71 in Andrott and Kalpeni from Rs 111.04 previously. tnn