Joy turned to disbelief today over Indian fuel prices, as the state-owned OMCs changed the rates of petrol and diesel twice! At first reports came in that the largest oil service provider Indian Oil Corporation (IOCL) website showed nearly 1% cut in petrol and diesel rates, however afterwards the same was rectified to just 1 paisa relaxation. The 1% cut could have come as a good news considering consumers pay record high petrol and diesel prices. So, India, after 16 days of aggressive price hikes, has witnessed its first relief in petrol and diesel rates, however, there is nothing to get excited about as the rates are still at record high levels. Indian fuel prices have been soaring to levels which were never witnessed before and each coming day consumers go through the bad experience of having to virtually empty out their pockets at retail outlets.

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Current data given by IOCL shows, 1 paisa each cut was made in petrol prices in cities like New Delhi to Rs 78.42 per litre, Kolkata to Rs 81.05 per litre, Mumbai to Rs 86.23 per litre and Chennai to Rs 81.42 per litre. 

Similarly 1 paisa cut was made each in New Delhi to Rs 69.30 per litre, Kolkata to Rs 71.85 per litre, Mumbai to Rs 73.78 per litre and Chennai to Rs 73.17 per litre. 

If things went according to what IOC website showed in morning, then the 60 paise correction in New Delhi petrol price would have taken the rates to Rs 77.83 per litre, whereas 59 paise relaxation was witnessed in Mumbai petrol rates taking the value to Rs 85.65 per litre. 

Meanwhile, the website highlighted a 56 paise cut in New Delhi and diesel prices would have gone to Rs 68.75 per litre. Mumbai diesel prices had erroneously received 59 paisa cut and this would have taken rates to Rs 73.20 per litre. 

Generally, the OMCs like IOCL, HPCL and BPCL upload the daily revision in petrol and diesel price at every morning at 6am, however this time it had to undergo the revision twice. 

OMCs derive final fuel price by taking into consideration daily performance of international crude oil, government’s excise duty and state’s Value added tax (VAT).