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

Virginia Carson
May 30, 2018

Prices of petrol and diesel were cut by one paisa on Wednesday after the Indian Oil Corp's (IOC) website initially showed a fall of around 50-60 paise per litre of the fuels. Rates had yesterday touched an all time high of ₹ 78.43 per litre, according to a price revision notification of state-owned oil firms. Petrol and diesel will now be cheaper by Rs 1 in Kerala and will come into effect from June 1.

This move will be a huge relief to the people in Kerala who have been struggling with the sky-rocketing fuel prices.

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The marginal decline in the fuel prices 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. "All this will reflect in reduction in retail rates in coming days", he said.

This comes the day the Centre cut fuel prices after 16 consecutive hikes, but by only one paisa.

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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.

Prices vary from state to state depending on local sales tax or VAT.

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Kerala charges roughly 32.2% tax on petrol and 25.58% on diesel, among the highest in the country. Petrol and diesel price in Kochi on Tuesday was at Rs 81.17 and Rs 73.77, respectively.

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