May 30, 2018 / 10:44 AM / 25 days ago

Kerala to cut taxes on petrol, diesel to reduce retail prices: TV

NEW DELHI (Reuters) - Kerala will cut taxes on gasoline and gasoil to reduce retail fuel prices by 1 rupee/litre from June 1, Finance Minister Thomas Issac told television channel CNBC 18.

A worker fills diesel in a car as he holds 500 Indian rupee banknotes at a fuel station in Kolkata, India, November 9, 2016. REUTERS/Rupak De Chowdhuri

Kerala’s move could put pressure on other states, mostly ruled by Prime Minister Narendra Modi’s Bharatiya Janata Party, to reduce taxes.

Communist party-ruled Kerala is the first state in the country that has decided to take a hit on its revenue to mitigate the impact of higher global prices on customers.

Issac said his government will calibrate tax rates in such a manner that retail fuel prices will be reduced by 1 rupee/litre from June 1.

Indian state refiners on Wednesday announced a marginal cut in retail prices of the two fuels.

Reporting by Nidhi Verma; Editing by Subhranshu Sahu

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