OMG : Fuel prices down by One paise

On 16th day of May the petrol, diesel price cutof just one paisa dampened he consumers, after the official website of Indian Oil Corporation (IOCL) corrected the fall to one paise after it reported 60 Paise cut, an hour ago .. On Wednesday morning, the website said that the price for petrol and diesel in the capital city of Delhi has been cut by 60 paise and 56 paise respectively, instead of the cut being just 1 paise.

In all, petrol price was increased by Rs 3.8 per liter and diesel by Rs 3.38 in that fortnight. Prices vary from state to state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.

Petrol and diesel prices in India are linked to Singapore gasoline prices GL95-SIN and Arab Gulf diesel prices GO-AG, which mostly track movements in crude oil prices LCOc1. Oil prices fell to about $75 a barrel as Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014