Wait, did Indian Oil Corporation just cut fuel prices by 1 paisa?

Wait, did Indian Oil Corporation just cut fuel prices by 1 paisa?

"The selling prices of petrol and diesel with effect from May 30, 2018, have been rectified on our website". Currently, the cost of diesel per litre as on Wednesday is Rs 68.75 per litre in Delhi, Rs 73.20 per litre in Mumbai, Rs. 71.30 in Kolkata and Rs. 72.58 in Chennai.

The petrol price in the state today was Rs 82 per litre, while for diesel it was Rs 75, he said.

But the marginal decline had its share of excitement with state-owned Indian Oil Corp (IOC) first announcing a reduction of 60 paise - the biggest since daily price revision was introduced in mid-June a year ago, only to retract it within a couple of hours citing a technical error. "Since we moved to the mechanism of daily price change, prices have gone up and down by 1 paisa, 12 paise, 27 paise etc".

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In what can be termed as an insult to the common man of India, Indian Oil Corporation (IOC) has reduced the Fuel Prices by One Paisa Per Liter. "Today, there is a minor reduction in fuel prices". 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.

The cut comes after 16 consecutive day of price increase since May 14 when fuel retailers ended the pre-Karnataka poll hiatus.

State sales tax or VAT vary from state to state.

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Kerala charges roughly 32.2% tax on petrol and 25.58% on diesel, among the highest in the country.

Delhi has the cheapest price among all metros and most state capitals. Prices are now off their peak of ₹ 69.31 a litre.

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