Indian Oil faux pas: Petrol, diesel prices cut by 1 paisa, not 60 paise

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NEW DELHI: The joy among consumers for gasoline, the price + cut of the diesel turned out to be short-lived, courtesy of an error on the official website of Indian Oil Corporation (IOCL). Gasoline and diesel prices actually fell by 1 paisa per liter each in the capital city of Delhi on Wednesday instead of a larger cut that was previously reported by India’s largest fuel retailer.

Early in the morning, his website said that prices for gasoline and diesel have been reduced by 60 paise and 56 paise per liter, respectively.

However, this is the first time in 16 days that prices have been cut since May 14, when fuel retailers ended a 19-day suspension before the Karnataka vote to pass an increase in world oil rates. .

In total, the price of gasoline increased by 3.8 rupees per liter and diesel by 3.38 rupees in that fortnight.

Prices vary from state to state according to the local sales tax or VAT. Delhi has the cheapest price among all the metros and most of the state capitals.

The prices of gasoline and diesel in India are related to the price of gasoline of Singapore GL95-SIN and the prices of diesel of the Arab Gulf GO-AG, which mainly record the movements in the prices of crude oil LCOc1.

Oil prices fell to around $ 75 a barrel, as Saudi Arabia and Russia said they were ready to ease the supply brakes that have pushed oil prices to their highest level since 2014.

India’s three state fuel retailers, IOC, BPCL and Hindustan Petroleum Corp, control most of India’s retail fuel market and tend to move their fuel prices together.