Mocking The Common Man, Petrol Prices Cut By One Paisa

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In all, petrol price was increased by ₹ 3.8 per litre and diesel by Rs 3.38 in that fortnight.

After 16 days of relentless price hikes, petrol price was on Wednesday cut by about 60 paise a litre and diesel by 56 paise on the back of softening global oil rates and strengthening Indian rupee. Over the last two weeks, the price of petrol was increased by Rs 3.8 per litre and diesel by Rs 3.38.

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"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", news agency Press Trust of India reported, quoting a senior official of Indian Oil Corporation. Fuel prices in Delhi now stand at Rs 78.42 per litre for petrol and Rs 69.30 per litre for diesel. Businesses affected by fuel price revisions including large fleet operators, petrol pump owners, refineries and oil marketing companies could make use of these to reduce their losses.

The Union minister also urged the opposition against politicising the issue and said other states, irrespective of being governed by BJP or not, should try and ease the burden from the consumers, who have faced the brunt of 16 consecutive days of fuel price hike. "It's been five days now, but nobody has come to buy potatoes", said a concerned potato farmer.

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Delhi has the cheapest price among all metros and most state capitals.

The central government levies Rs 19.48 a litre of excise duty on petrol and Rs 15.33 per litre on diesel.

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According to a media report, the Ministry of Petroleum and Natural Gas has given an approval for petrol and diesel futures.