The marginal decline in the fuel prices had its share of excitement with state-owned Indian Oil Corp (IOC) first announcing a reduction of 60 paise - the biggest since daily price revision was introduced in mid-June previous year, only to retract it within a couple of hours citing a technical error.
While the price was increased almost Rs 4 per litre during May 14 to May 29 with an average increase of 15 to 30 paise daily, the reduction of 1 paisa invited severe wrath of people. 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. "All this will reflect in reduction in retail rates in coming days", he said. For tomorrow's rate, the average from May 16 to May 30 will be taken. "1Paise reduced. Thank God for reducing the petrol price".
Petroleum prices do not fall under the ambit of Goods and Services Tax (GST) and are one of the big sources of revenue for the state government.
Delhi has the cheapest price among all metros and most state capitals.
Later, IOC in a statement said: "There was a technical glitch in posting the selling prices of petrol and diesel".
OMCs have been revising petrol and diesel prices on a daily basis since last June. But if you haven't been told yet, the price cut never actually happened - it was all down to what is being described as a "clerical error" in updating fuel prices online.
This comes the day the Centre cut fuel prices after 16 consecutive hikes, but by only one paisa. Meanwhile, diesel is priced at Rs. 69.34 in Delhi, Rs. 73.82 in Mumbai, Rs 71.88 in Kolkata and Rs.73.21 in Chennai.