(Image source from: hindustantimes.com)

Update: Fuel prices cut down by 1 paise, not 60 paise

The cheer among consumers over petrol and diesel cut proved to be short-lived, with an error in the courtesy of the official website of Indian Oil Corporation (IOCL). Petrol and diesel prices were factually cut by only 1 paisa per litre each in the capital city of Delhi on Wednesday instead of a bigger cut that was reported earlier by India's largest fuel retailer.

Earlier in the morning hours, the official website said that petrol and diesel prices have been cut by 60 paise and 56 paise per litre respectively and modified the error later.

Original article: The Prices of Petrol and diesel got decreased today, marking the first such reduction in the last 17 days.

Petrol and diesel prices were both cut by around 60 paise across the country.

The new petrol prices, at Indian Oil Corporation bunks in metro cities are: Rs 77.83 (Delhi), Rs 80.47 (Kolkata), Rs 85.65 (Mumbai) and Rs 80.80 (Chennai). Prices at bunks operated by other oil companies may differ by a few paise.

Diesel prices on the other hand are: Rs 68.75 (Delhi), Rs 71.30 (Kolkata), Rs 73.20 (Mumbai) and Rs 72.58 (Chennai).

Today's cut in fuel prices came after 16 days of consecutive upward revisions.

Over the 16-day period, petrol prices rose by almost Rs 4 across the country while diesel rates went up by around Rs 3.3.

The 16 days of hike came after a mysterious 'freeze' in the daily revisions of fuel prices across the country.

Oil corporations stopped their usual practice of revising fuel prices daily on April 24 and only resumed it on May 14.

The companies offered no explanations for where fuel prices remained unchanged between April 24 and May 14. However, many linked the unofficial freeze to the Karnataka election.

Voting in Karnataka was held on May 12 -- just two days after, on May 14, oil companies reverted to the practice of daily revisions in fuel prices.

Prices had been going up since then and the Centre faced a lot of flak for allowing fuel to get more expensive by the day.

The government, for its part, has said that a group of ministers is working on a 'long-term' solution to keep fuel prices in check and has also suggested that efforts are on to bring petrol and diesel under the Goods and Services Tax regime.

Currently, both state and central governments impose different taxes on fuel.

By Lokesh