A PTI report quotes a senior Indian Oil Corp (IOC) official as saying "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". "Since we moved to the mechanism of daily price change, prices have gone up and down by 1 paisa, 12 paise, 27 paise etc". 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.
Rising fuel prices are highly likely to be discussed at the Reserve Bank's rate-setting panel, Monetary Policy Committee's (MPC) three-day meet beginning on June 4. For tomorrow's rate, the average from May 16 to May 30 will be taken. Diesel rates were reduced by a similar proportion to ₹73.20. 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.More news: ‘Kim Jong Un’ poses for selfies in Singapore
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Prices vary from state to state depending on local sales tax or VAT. "Today, there is a minor reduction in fuel prices", the statement said.
Delhi has the cheapest price among all metros and most state capitals.
Petrol and diesel prices have been sailing northwards for the past two weeks and today was the first time that the prices were cut.