Short-lived relief! IOC cites clerical error, says fuel prices cut by 1 paise, not 59
The happiness over a fuel price cut was shortlived. Minutes after the Indian Oil Corp claimed that it had cut the prices by 59 paise, the country's top refiner issued a clarification saying the cut was by 1 paise.
IOC this morning had claimed the reduction in petrol price was by 60 paise, which was Rs 77.83 a litre and diesel by 56 paise to Rs 68.75 in Delhi. Within hours of the announcement, the company issued a clarification.
"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 IOC explained.
Petrol in Delhi now costs Rs 78.42 per litre and diesel Rs 69.30.
Domestic petrol and diesel prices touched a record high on Friday. Companies have raised prices of petrol and diesel by Rs 3.80 and Rs 3.38 a litre respectively in the last 16 days after keeping a price freeze for about 19 days ahead of Karnataka elections.
Petrol and diesel are being sold at record prices in the country, prompting demand for duty cuts to cushion motorists, which has been resisted by the government. The Centre has said it was seeking a ‘long-term’ solution to the price problem.
In a move towards finding a long-term solution, oil ministry headed by Dharmendra Pradhan gave an in-principle nod to the Indian Commodity Exchange (ICEX) to launch futures on petrol and diesel, yesterday.
IOC this morning had claimed the reduction in petrol price was by 60 paise, which was Rs 77.83 a litre and diesel by 56 paise to Rs 68.75 in Delhi. Within hours of the announcement, the company issued a clarification.
"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 IOC explained.
Petrol in Delhi now costs Rs 78.42 per litre and diesel Rs 69.30.
Domestic petrol and diesel prices touched a record high on Friday. Companies have raised prices of petrol and diesel by Rs 3.80 and Rs 3.38 a litre respectively in the last 16 days after keeping a price freeze for about 19 days ahead of Karnataka elections.
Petrol and diesel are being sold at record prices in the country, prompting demand for duty cuts to cushion motorists, which has been resisted by the government. The Centre has said it was seeking a ‘long-term’ solution to the price problem.
In a move towards finding a long-term solution, oil ministry headed by Dharmendra Pradhan gave an in-principle nod to the Indian Commodity Exchange (ICEX) to launch futures on petrol and diesel, yesterday.
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