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After 1 paisa cut in fuel prices across country, Kerala government to reduce petrol, diesel prices by Re 1

The Indian Oil Corporation Limited (IOCL) later clarified that its website carried out wrong fuel prices due to some technical fault.

Reported by: India TV Business Desk, New Delhi [ Updated: May 30, 2018 16:40 IST ]
Image Source : PTI

Fuel prices have come down marginally after 16-day upward trend. (File Photo)

After registering a continuous hike for 16 days, petrol and diesel prices saw a dip on Wednesday morning bringing some respite to the consumers.  However, the little cheer was short lived as the decrease in the fuel prices were revised soon bringing the effective cut to just 1 paisa. 

Earlier, it was reported that petrol price came down by 60 paise to sell at Rs 77.83 per litre in Delhi, diesel saw a decrease of 56 paise to sell at Rs 68.75 per litre.In Mumbai, petrol and diesel prices came down by 59 paise to sell at Rs 85.65 per litre and Rs 73.30 per litre respectively. 

However, the Indian Oil Corporation Limited (IOCL) later clarified that its website carried out wrong fuel prices due to some technical fault. As per the revised price list, the price of petrol on Wednesday is at Rs 78.42 a litre in Delhi, Rs 86.23 in Mumbai while diesel stood at Rs 69.30 a litre in Delhi, Rs 73.78 in Mumbai.

"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,  said. 

"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. 

Meanwhile, the Kerala government has decided to cut petrol and diesel prices by Re 1 per litre with effect from June 1.

“Our state is not doing financially well. But our government has taken the decision to cut VAT on fuel to effect a Re 1 reduction in petrol and diesel prices from June 1. This will cause a revenue loss of Rs 509 crore annually. This should be seen as our message to the Centre. Fuel prices cannot go up like this. They must slash prices so as to provide relief for the common man,” Kerala CM Vijayan told media persons after the weekly cabinet meeting.

The Bharatiya Janata Party (BJP)-led NDA Government at the Centre had been receiving a lot of flak for the continuous rise in fuel prices for the last 16 days.

Slamming the Narendra Modi government for failing to reduce prices of petroleum products, the Congress said it is only engaged only in managing elections and headlines.

The party also sought to remind Prime Minister Modi of the critical position taken by him on the price rise of petroleum products when he was Gujarat Chief Minister.

Addressing a press conference, Congress spokesperson Tom Vadakkan said: "International prices of crude oil have declined by six percent from $80 a barrel on May 23 to $75 per barrel now". 

"The Prime Minister and his Petroleum Minister (Dharmendra Pradhan) are saying that they will do something, but it has been 16 days and so far they have not done anything," he added. 

The Congress is organising protests at the state and district level to oppose increase in prices of petroleum products.

"This government is engaged only in election management, election propaganda and headline management. People have understood everything and the government's efforts to mislead them will no longer be successful," Vadakkan added.

Amid the “crisis situation”, Oil Minister Dharmendra Pradhan had indicated that there is scope for relief. “The Centre is sensitive towards the rising fuel prices. Various alternatives are being explored. I hope something will work out soon,” he said.

Watch: Rising petrol, diesel prices burn a hole in common man's pocket 

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