Petrol, diesel prices down 1 paise after 16-day continuous surge

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New Delhi: Prices of petrol and diesel were cut by one paise 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 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 everyday. 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.

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