On Wednesday there was a mild reduction in the petrol and diesel prices. But in some areas like Mumbai and Delhi, the prices are still touching the sky.
Petrol and diesel prices were lowered after 16 days. The deduction of 1 paisa per litre has happened because of the low global crude prices. Indian Oil Corporation had earlier on Wednesday announced the reduction to be in the range of 56-63 paise a litre on its website.
However, within hours, India's biggest oil marketing company revised the prices on its website. "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," news agency Press Trust of India cited a senior official of Indian Oil Corporation as saying.
This was with effect from 6 am on Wednesday, petrol prices were at Rs. 78.42 per litre in Delhi, Rs.81.05 per litre in Kolkata, Rs. 86.23 per litre in Mumbai and Rs. 81.42 per litre in Chennai, according to Indian Oil Corporation, the country's largest fuel retailer. Diesel prices were at Rs.69.3 a litre, Rs. 71.85 a litre, Rs. 73.78 a litre and Rs. 73.17 a litre respectively.
The cut of 1 paisa per litre came after a total hike of Rs. 3-4 per litre in the four metros in the past 16 days. Petrol prices were hiked by Rs. 3.8 per litre in Delhi, Rs. 3.74 per litre in Kolkata, Rs. 3.76 per litre in Mumbai and Rs. 4 per litre in Chennai from May 13 to May 29. Diesel prices, during this period, were increased by Rs. 3.38 a litre, Rs. 3.23 a litre, Rs. 3.59 a litre and Rs. 3.62 a litre respectively.
The continued increase in domestic petrol and diesel prices in the past 16 days was a result of higher global crude oil prices along with weakness in the rupee against the US dollar, among other factors.
Well, we all hope that we see a decline in the fuel prices in the near future.