“The present price hike will earn Kerala additional sales tax revenue of Rs 108 crore, which will be waived according to the announcement. This will result in petrol price coming down by 70 paise in the state,” Chief Minister Oommen Chandy said while speaking to reporters on the sidelines of a function here. He said he had held discussions with Finance Minister K M Mani and UDF leaders before taking the decision. Chandy said the UDF government had also waived about Rs 400 crore additional revenue generated on account of increasing prices of petrol and diesel after coming to power four months back.
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