Petrol and diesel prices were marginally lowered after 16 days of consecutive hikes. The marginal reduction of 1 paisa per litre comes in the wake of some softening in global crude prices. Despite Wednesday's mild reduction, petrol and diesel prices are still near all-time high in some cities, including Delhi and Mumbai. Indian Oil Corporation had earlier announced the reduction to be in the range of 56-63 paise a litre on its website. But within hours, India's biggest oil marketing company revised the prices on its website. "The reduction was supposed to be 1 paisa but due to a clerical error the price prevalent on May 25 was communicated as today's price," the IOC said.
Prices of petrol and diesel were cut by one paisa on Wednesday after the Indian Oil Corp’s (IOC) website initially showed a fall of around 50-60 paise per litre of the fuels.
IOC described the incident as a “technical glitch” and clarified that the actual price cut was of one paise a litre.
“There was a technical glitch in posting the selling prices of petrol and diesel on our website today. The selling prices of petrol and diesel w.e.f. (with effect from) May 30, 2018 have been rectified on our website,” a spokesperson with company said, adding: “Today, there is a minor reduction in fuel prices.”
This price cut of “one paise” in petrol and diesel prices across the four metros on Wednesday, came after a daily hike for the last 16 days.
This cut in price, contrasts against nearly Rs 4 per litre rise during May 14-29, with daily hike in prices varying around 15-30 paise a litre.
In Delhi, Kolkata, Mumbai and Chennai petrol prices on Wednesday were at Rs 78.42, Rs 81.05, Rs 86.23 and Rs 81.42 per litre respectively, all prices down one paise from Tuesday, according to the revised data on the IOC website.
Further fall in domestic fuel prices is expected as crude oil prices internationally eased recently.
Prices of petrol in Delhi, Mumbai and Chennai reached record levels during last two weeks and were scaling new highs every day. In Kolkata, the fuel was sold near four-year high levels.
In tandem with the trend in petrol, diesel prices on Wednesday were at Rs 69.50, Rs 71.85, Rs 73.78 and Rs 73.17 per litre in Delhi, Kolkata, Mumbai and Chennai respectively, again declining byone paise in the four cities.
Congress president Rahul Gandhi’s response to this ‘fuel joke’: Dear PM, You’ve cut the price of Petrol and Diesel today by 1 paisa. ONE paisa!?? If this is your idea of a prank, it’s childish and in poor taste. P.S. A ONE paisa cut is not a suitable response to the #FuelChallenge I threw you last week. (IANS)