• Fuel price revision: IOC clarifies on erroneous price revision, cuts prices by 1 paisa after “glitch”

    Indian Oil Corporation (IOC), the nation’s largest fuel retailer, today committed a faux pas on fuel price revision. The company slashed petrol and diesel prices by 60 paise and 56 paise, respectively, at 6 am in the morning in line with the daily routine of informing price revision, but issued a clarification 5 hours later stating a “technical glitch” had led to erroneous revision.

    “There was a technical glitch in posting the selling prices of petrol and diesel on our website today. The selling prices of petrol and diesel w.e.f 30th May 2018 have been rectified on our website. Today, there is a minor reduction in fuel prices,” IOC said in a statement.

    Petrol and diesel prices post IOC’s correction across the four metros including Delhi, Kolkata, Mumbai and Chennai have been reduced by 1 paise per litre. A company spokesperson clarified IOC had communicated the correct price revision to dealers despite the error in posting the prices on its website.

    Post the revision, petrol prices stood at Rs 78.42 per litre in Delhi. Prices in Kolkata Mumbai and Chennai were Rs 81.05, Rs 86.23 and Rs 81.42 per litre respectively, a decrease of one paise overTuesday’s prices.

    Diesel price in Delhi on Wednesday post revision stood at Rs 69.30 per litre. Prices in Kolkata Mumbai and Chennai were at Rs 71.85 per litre, Rs 73.78 and Rs 73.17 per litre respectively, a decrease of one paise over Tuesday’s prices.

    Domestic retail prices of petrol and diesel had been rising for the past 16 days following the 19-day price freeze initiated by OMCs before Karnataka polls.

    IOC had between 14 May and 29 May increased petrol prices by Rs 3.80 per litre and diesel prices by Rs 3.38 per litre in the national capital. Similar price hikes were implemented in other cities across the nation fuelling nation-wide protests and a call for excise duty cut.

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