After the 16-day consecutive spike, petrol prices on Wednesday were reduced by just 1 paisa. Earlier, it was reported that petrol prices have been reduced by 60 paisa, but Indian Oil Corporation Limited (IOCL), the country’s top refiner and fuel retailer, clarified that it was an error on its website. The error brought happiness for the public, but the delight went away after some time when IOCL clarified that it was an error. The erroneous report stated that the price of the petrol was down by 60 paise in national capital New Delhi and 59 paise in Mumbai.

Even the diesel prices were reduced by 56 paise in New Delhi and 59 paise in Mumbai. But soon after the IOCL clarification, the petrol prices in New Delhi stood at Rs 78.42/litre and Rs 86.23/litre in Mumbai while the diesel prices stood at Rs 69.30/litre in Delhi and Rs 73.78/litre in Mumbai. Opposition parties recently strongly criticise the Modi government over continuous rise in the petrol, diesel prices. Speaking on the matter, Union Petroleum Minister Dharmendra Pradhan last week blamed current circumstances in the international market and declining Indian Rupee against the US Dollar for the sky-rocketing prices of petrol and diesel across the country.

However, he asserted that government is taking positive measures to reduce the prices of fuel in the country. The BJP leader also urged the state governments to reduce Value Added Tax (VAT) on petroleum products in order to contain the price rise. He said, “The political difference between two oil-producing countries Iran and Venezuela has been a major cause behind the rise in the price of fuel in the international market.”

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