In a quick clarification, the Indian Oil Corporation on Wednesday said petrol and diesel prices were cut by one paisa a litre instead of the reduction of 60 paise for petrol and 56 paise for diesel it had announced earlier in the morning.
The reduction nevertheless marks a break in the 16-day streak of rising fuel prices since May 14, when oil companies resumed their daily price revisions following a 19-day hiatus.
“There was a technical glitch in posting the selling prices of petrol and diesel on our website today,” the IOC said in a clarification. “The selling prices of petrol and diesel with effect from May 30, 2018, have been rectified on our website. Today, there is a minor reduction in fuel prices.”
The 1 paisa reduction puts the price of petrol and diesel in Delhi — the reference market — at ₹78.42 and ₹69.30 a litre, respectively.
Kerala announced that it decided to reduce the sales tax on petrol by 1.69% and on diesel by 1.75%, which would result in a ₹1 reduction in the retail prices of the fuels.
