Petrol price cut by 1 paisa: IOCL goofs up, cuts prices by 60 paise, then revises

Petrol price cut: Indian Oil Corporation today cut the price of petrol and diesel by 60 paise but soon revised it to reflect a 1 paise cut. The current price of petrol is at Rs 78.42/litre in Delhi and Rs 86.23/litre in Mumbai while diesel stood at Rs 69.30/litre in Delhi and Rs 73.78/litre in Mumbai. 

By: Express Web Desk | New Delhi | Updated: May 30, 2018 1:05:27 pm
Petrol price now Rs 78.27/litre in Delhi, Rs 86.24/litre in Mumbai Petrol price cut: Employees at a petrol Pump in Kolkata. Fuel prices were reduced by 1 paisa on Wednesday following 16-days of increase. PTI Photo

India woke up to marginal cut in petrol prices on Wednesday. But the cheer was short-lived as it turned out that the 60 paise cut was just an error on the IOCL website and the actual reduction in price was just 1 paisa. It is learnt that the actual fuel price on the ground is based on the figures the fuel companies communicate to their dealers across the country on a daily basis. This figure on Wednesday was just 1 paisa less than the day before.

Wednesday morning, Indian Oil Corporation – India’s top fuel refiner and retailer – announced that the price of petrol was less by 60 paise in New Delhi and 59 paise in Mumbai. Diesel prices too, they said, were reduced by 56 paise in New Delhi and 59 paise in Mumbai. But soon after, the prices were revised.

In a statement issued, IOCL said: “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,” a senior official of Indian Oil Corp (IOC) explained.

The current price of petrol is at Rs 78.42/litre in Delhi and Rs 86.23/litre in Mumbai while diesel stood at Rs 69.30/litre in Delhi and Rs 73.78/litre in Mumbai.  In Kolkata, the revised price of petrol is Rs 71.85 while in Chennai the revised price is Rs 73.17. Prices vary from state to state depending on local sales tax or VAT.  Click here to read this story in Malayalam

Click here to get a daily update of the price of petrol in your city

Price of petrol and diesel in India are linked to Singapore gasoline prices and Arab Gulf diesel prices, which mostly track movements in crude oil prices. Oil prices fell to about $75 a barrel as Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014.

Today is the seventeenth straight day that petrol and diesel prices have not been reduced.

With inputs from Reuters

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