On Wednesday, a faux pas by the Indian Oil Corporation (IOC) led to an embarrassment of sorts after a ‘technical glitch’ on its website wrongly notified that petrol and diesel prices have been cut by 60 paise and 59 paise respectively, before it was found out that the reduction actually was of 1 paise per litre on both the petro products.
The country’s largest fuel retailer later said in a statement, “There was a technical glitch in posting the selling prices of petrol and diesel. The selling prices of petrol and diesel with effect from May 30, 2018 have been rectified. Today, there is a minor reduction in fuel prices.”
But what does 1 paisa really add up to for India and the oil companies? Here’s a look at some numbers: India consumed 7.6 crore litres of petrol a day in April. Thus, at 1 paisa a litre, India saves Rs 7.6 lakh a day on petrol. Read More
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