IOC blames earlier reduction on a technical glitch. 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.<doc-sep>Petrol and diesel prices touched record levels at Rs 86.24 and Rs 73.79, respectively on May 29, after the prices were increased by Rs 3.83 a litre and Rs 4 a litre, respectively, from May 14 as oil retailers raised fuel prices for 16 straight days following a 19-day freeze in the run-up to the Karnataka assembly election. The rally in oil prices that took Brent crude to the $80-mark for the first time since 2014 stalled last week after Saudi Arabia and Russia proposed easing output curbs after eliminating an inventory surplus that had sparked the biggest price crash in a generation. Brent crude traded lower for the second day by 0.3 percent at $76.60 per barrel as of 8:20 a.m. on Monday.<doc-sep>Petrol price slashed by 6 paise, diesel down 5 paise NEW DELHI: The trend of miniscule reduction in petrol and diesel prices continued for the third consecutive day on Friday with oil firms cutting rates by 6 paise and 5 paise a litre respectively.The reductions follow softening of international oil rates and the rupee gaining against the US dollar.Petrol in Delhi now costs Rs 78.29 a litre, down from Rs 78.35, according to a price notification issued by state-owned oil firms.Diesel rates have been cut to Rs 69.20 per litre from Rs 69.25.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.This is the third reduction in rates coming after 16 days of relentless price hikes that followed lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls.Petrol price was yesterday cut by 7 paise a litre and diesel by 5 paise. On Wednesday rates were cut by 1 paisa each.These reductions followed rates touching an all-time high of Rs 78.43 per litre for petrol and Rs 69.31 for diesel in Delhi on May 29.In the 16 consecutive increases since May 14, petrol price was hiked by Rs 3.8 per litre and diesel by Rs 3.38.<doc-sep>On Wednesday, mild relief quickly gave way to disappointment for commuters burdened with rising fuel prices after an announced 60 paise reduction in petrol prices and 56 paise for diesel was hastily changed to a one paisa cut. The Indian Oil Corporation said a clerical error had led to the earlier announcement. This development, which came after 16 consecutive days of rising fuel prices, added salt to the wounds of citizens looking to the government for respite. Rising costs of international crude oil and a drop in the value of the rupee against the dollar are some of the reasons for the spike. However, the surge came suddenly for Indian citizens as prices started increasing May 14 onward after being kept constant for 19 days before the Karnataka elections. As on Wednesday, a litre of petrol costs Rs 78.42 in New Delhi whereas diesel costs Rs 69.30. In Mumbai, petrol now costs Rs 86.23 per litre and diesel costs Rs 73.78. Kolkata will pay Rs 81.05 per litre for petrol and Rs 71.85 for diesel. In Chennai, petrol is priced at Rs 81.42 and diesel at Rs 73.17. The one paisa cut in prices, announced a week after the government had talked about providing an immediate solution, seemed like a cruel joke, many expressed on Twitter. Humour and sarcasm ensued on the micro-blogging platform, with several social media users wondering what they would do with the windfall gain. Others speculated that this was the Narendra Modi government’s attempt at comedy. This ONE paisa cut in fuel prices is making me feel so rich, I think I’m gonna hit the mall today! 😁💃🏼 — Poulomi Saha (@PoulomiMSaha) May 30, 2018 A full 1 paisa. Are they sure they can afford it? https://t.co/TJZYRdnOPX — menaka doshi (@menakadoshi) May 30, 2018 Dear oil companies, grateful for the full 1 paisa cut (highest-ever cut!) in petrol/diesel cost. I know the government's and your own bottomlines will take a massive hit due to this massive cut, but sometimes you have to take strong decisions for the sake of common man. — Maneesh Chhibber (@maneeshchhibber) May 30, 2018 I always knew Modi has a terrific sense of humour and here you are ,what a good one. 1 Paisa price cut in petrol and diesel prices. Hahahaha #loveit — #IamRavish (@tweeting_giant) May 30, 2018 Major relief or comic relief? Petrol prices cut only by 1 paisa not 59 paisa; check latest prices https://t.co/0Fq5iub1Th via @FinancialXpress — Rakesh Das (@rakeshsonuza) May 30, 2018 Before petrol prices drop: The Walking Dead. After petrol prices drop by 1 paisa: Still Walking Dead. — Netflix India (@NetflixIndia) May 30, 2018 Deeply touched by the generosity of the Government. They could have cut the price of fuel by half a paisa but being kind and caring they’ve cut it by a full paisa. The nation is eternally grateful. Thank you. — SUHEL SETH (@suhelseth) May 30, 2018 A 1 paisa cut in the price of fuel is literally the least Modi could do. *slow clap* — ᴍᴀᴅʜᴜ ᴍᴇɴᴏɴ (@madmanweb) May 30, 2018 Modi Ji addressing Nation after Petrol and Diesel prices went down by full "one paisa/L" #BharatBachao pic.twitter.com/WmTbzIcPhh — Md Asif Khan (@imMAK02) May 30, 2018 #PetrolPrice Thank you God. Thank you Government. Thank you Modiji. Thank you everyone. I am so excited, now I can save for a better future after 1 paise reduction in petrol price. I really don't know what I am going to do with so much money saved. Love you all. — Abhishek Parihar (@BlogDrive) May 30, 2018 A meme of Amitabh Bhacchan asking a Kaun Banega Crorepati contestant what they would do with their big win was widely shared on Twitter. @BJP4India to citizens after petrol price decrease by 1 paise. 😂 pic.twitter.com/zEHwBhfv54 — Ajaz Tantray (@ImAJZ) May 30, 2018 In keeping with the Bharatiya Janata Party’s track record of blaming Jawaharlal Nehru of many ills that plague modern India, some Twitter users pointed out that the paltry reduction in fuel prices was also India’s first prime minister’s fault, as the one paisa coin was introduced under his tenure in 1957. Nehru is responsible, he introduced naya paisa https://t.co/A7LyIVXW2n — Sandeep Choudhary (@sandylogy) May 30, 2018 After 70 years the value of 1 paisa is being appreciated 👍 https://t.co/9jRMA6V01q — Akash Banerjee (@akashbanerjee) May 30, 2018 However, Twitter user Ambika figured out the logic behind the government’s announcement.<doc-sep>
New Delhi: Petrol, diesel prices in the national capital were cut by 13 paise and 9 paise respectively on Tuesday, the seventh consecutive day of cut in fuel prices. This follows the 16-day hike which jacked up fuel prices to their highest levels in India. Oil Minister Dharmendra Pradhan had yesterday ruled out a review of daily price revision formula and reiterated that the government is working on a long-term solution. He said state governments should cut sales tax which increase revenues of the state governments when prices rise. Excise duty, charged by the Centre, on the other hand is fixed and does not change with change in retail price. In response to the surge in domestic fuel prices, the state of Kerala cut Value Added Tax (VAT) on petrol and diesel by Rs 1 per litre last month. Indian Oil Corporation (IOC), the country’s largest fuel retailer, has in the last seven days cut prices of petrol by 60 paise per litre and 43 paise per litre in diesel in the national capital while similar price cuts were initiated in other states. Petrol price in New Delhi on Tuesday stood at Rs 77.83 per litre. Petrol price was also reduced to Rs 80.47 per litre in Kolkata, Rs 85.65 per litre in Mumbai and Rs 80.80 litre in Chennai. Price of non-branded diesel was also reduced to Rs 68.88 per litre in New Delhi, Rs 71.43 per litre in Kolkata, Rs 73.33 in Mumbai and Rs 72.72 per litre in Chennai. After hitting all-time high of Rs 78.43 a litre for petrol and Rs 69.31 for diesel on May 29, rates have marginally fallen during the subsequent days on softening in international oil prices and rupee strengthening against the US dollar. IOC had between 14 May and 29 May increased petrol prices by Rs 3.80 per litre and diesel prices by Rs 3.38 per litre in the national capital, post the 19-day fuel price freeze before Karnataka elections.Similar price hikes were implemented in other cities across the nation fuelling nation-wide protests and a call for excise duty cut.