In a surprise turn of events, oil marketing companies have changed petrol price twice a day today, and now fuel price in Delhi is just down by 1 paise at Rs 78.42 while in Mumbai it is at Rs 86.23. Diesel price is also down by just 1 paise at Rs 69.30 in Delhi and Rs 73.78 in Mumbai. After revision, in Kolkata, the petrol is at a rate of Rs 81.05 per litre whereas, in Chennai, the rate is at Rs 81.42 per litre.
The revision happened twice a day due to some technical glitch on a part of the oil marketing company. Indian Oil Corporation said, “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,”
In the morning the IOC website showed price correction of 60 paise in Delhi and 59 paise in Mumbai to cost Rs 77.83 per litre and Rs 85.65 per litre, respectively. Diesel prices also gave a pleasant surprise with prices down by 56 paise in Delhi and 59 paise in Mumbai to cost Rs 68.75 per litre and Rs 73.20 per litre, respectively. In Kolkata, the petrol was being sold at a rate of Rs 81.06 per litre whereas, in Chennai, the rate was Rs 81.43 per litre in the morning.
Petrol and diesel prices in India are related to international crude oil prices. Crude oil prices have recently dropped after an increase of supply by three main oil-producing countries- the US, Russia and Saudi Arabia. The morning cut of 60 paise was considered a welcome move by the public, who had been feeling the pinch of rising fuel prices for 16 days in a row.