The minimal reduction comes after 16 consecutive price increases since May 14
The reduction in petrol and diesel prices was on Wednesday revised to just 1 paisa a litre each, with State-owned oil companies blaming clerical error for previously announcing a cut of up to 60 paise.
State-owned oil companies on Wednesday morning announced reduction in petrol price by 60 paise to ₹77.83 a litre and diesel by 56 paise to ₹68.75 in Delhi. Within hours of the announcement, they revised the cut to just 1 paisa a litre each.
“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.
The marginal reduction 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.