Not by 60 paise, petrol price cut merely by 1 paisa

After 16 days of relentless price hikes, petrol price was on Wednesday cut by just one paisa a litre, and not 60 paise a litre in Mumbai, clarified Indian Oil corporation as reported by news agency ANI. The diesel price has also been cut down by merely 1 paisa, instead of 56 paise in Delhi and 59 paise in Mumbai as reported earlier.

Earlier, PTI had reported, petrol price in Delhi was cut by 60 paise to ₹77.83 a litre. But turns out, even on the back of softening international oil rates and strengthening Indian rupee Rates, the oil prices are more or less the same which had on Tuesday touched an all time high of ₹78.43 per litre, according to a price revision notification of state-owned oil firms.

The reduction, although of just one paisa a litre, comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates.

In all, petrol price was increased by ₹3.8 per litre and diesel by ₹3.38 in that fortnight.

Prices vary from state to state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.

With PTI inputs

*The story has been updated at 11.56 on May 30, 2018 to add the clarification from the Indian Oil corporation as reported by ANI