IOC website makes clerical error, petrol, diesel prices actually cut by just 1 paisa each
A huge mistake by IOC website created havoc in the markets today. It was announced in early morning by IOC that petrol, diesel prices have been cut after weeks of hikes.
A huge mistake by IOC website created havoc in the markets today. It was announced in early morning by IOC that petrol, diesel prices have been cut after weeks of hikes. Indian Oil Corp, the country's top refiner and fuel retailer revealed that pump prices of petrol and diesel around India have been cut. In New Delhi, a cut of less than 1 percentage point meant that petrol would have then cost 77.83 rupees/litre on Wednesday, while diesel would be sold at 68.75 rupees/litre. While petrol price was cut by 60 paise, diesel rate was slashed by 56 paise pan-India after 16 days of relentless price hikes that had seen rates jump to historic highs. However, joy turned to fury for consumers as the website retracted later and revealed that the cut in prices was by just 1 paise for each fuel. The oil comapnies have blamed clerical error for previously saying cut will be 60 and 56 paise. They then reiterated that petrol, diesel price cuts have been revised to 1 paisa a litre each!
India's three state-run fuel retailers - IOC, BPCL and Hindustan Petroleum Corp - control most of India's fuel retail market and tend to move their fuel prices in tandem.
Petrol prices yesterday in various cities:
Yesterday petrol price in New Delhi touched a new high of Rs 78.27 per litre higher by 16 basis points compared to previous day price of Rs 78.43 per litre.
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Financial hub Mumbai has witnessed a situation where petrol price hit Rs 86.24 per litre on Tuesday, which is also up 16 paise against previous day price of Rs 86.06 per litre. This city has the most expensive petrol price. Over Rs 86 per litre has never been seen in this city.
Furthermore, Chennai saw petrol at Rs 81.43 per litre on Tuesday, above 17 paisa compared to previous price of Rs 81.26 per litre.
In Kolkata, the price was raised by 15 paisa to Rs 81.06 per litre as against Rs 80.91 per litre of previous day. Customers now pay Rs 81 per litre in Kolkata as well. This would be third metro city to earmark over Rs 80s club.
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Diesel prices yesterday in various cities:
Diesel price in New Delhi was raised to Rs 69.31 per litre, higher by 14 paise compared to previous day's price of Rs 69.17 per litre.
Diesel price in Kolkata was ruling at Rs 71.72 per litre on Tuesday, which was up 14 paise against previous day's price of Rs 71.86 per litre. This city would be third to clock over Rs 72 per litre rate after Mumbai and Chennai respectively.
Furthermore, Mumbai and Chennai saw the biggest hikes in diesel prices Tuesday. Mumbai saw hike of 15 paise in diesel price and was now selling at new price of Rs 73.79 per litre as against Rs 73.64 per litre of previous day.
Chennai also entered the Rs 73 per litre club after Mumbai, as the price was hiked by 15 paise available at Rs 73.18 per litre, compared to previous price of Rs 73.03 per litre.