Short-lived relief! IOC cites clerical error, says fuel prices cut by 1 paise, not 60


Short-lived relief! IOC cites clerical error, says fuel prices cut by 1 paise, not 60

The happiness over a fuel price cut was shortlived. Minutes after the Indian Oil Corp claimed that it had cut the prices by 60 paise, the country’s top refiner issued a clarification saying the cut was by 1 paise.

The oil companies this morning announced reduction in petrol price by 60 paise to Rs 77.83 a litre and diesel by 56 paise to Rs 68.75 in Delhi. This was rectified to 1 paisa a litre.  “The reduction was supposed to be 1 paisa but due to a clerical error the price prevalent on May 25 was communicated as today’s price,” a senior official of Indian Oil Corp (IOC), the nation’s largest fuel retailer, explained.

After the 1 paisa cut, petrol in Delhi now costs Rs 78.42 per litre and diesel Rs 69.30.   “There is a softening in international oil prices and rupee has strengthened against the US dollar, making imports cheaper. All this will reflect in reduction in retail rates in coming days,” he said.  Read More

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