Major blunder by IOCL: Fuel prices cut by 1 paisa and not 60 paise on petrol
In a major blunder by Indian Oil Corporation, It released an official information of cutting down petrol price by 60 paise per litre across all the states of the country. Which was also reported by many big media houses on their platform. But, later in a U turn, IOCL announced that there was only 1 paisa cut in the petrol prices on Wednesday in the capital city of Delhi and not 60 paise.
Indian Oil Corporation corrects earlier figures, Petrol prices went down not by 60 paise in Delhi & 59 paise in Mumbai but by just 1 paise. Diesel prices also went down by just 1 paise instead of 56 paise in Delhi & 59 paise in Mumbai pic.twitter.com/OXqR2QEIBP
— ANI (@ANI) May 30, 2018
After constant price rise in petrol and diesel for 16 days after Karnataka Election, the news of 60 paise and 56 paise cut down in petrol and diesel respectively came as big relief to the people but soon the happiness of people disappeared.
Fuel retailers in country paused the mechanism of increasing and decreasing the fuel price regulation in the context of Karnataka election for 19 days. Since the end of election fuel price increased many folds with a major fortnight increase of Rs 3.8 per litre on petrol and Rs 3.38 litre on diesel.
The price of petrol and diesel are different from state to state, which depends on the VAT and excise duty applied by the states on petroleum products.
According to the financial department and revenue department, the government of India is aiming to collect the 2.579 lakh crore by implementing taxes on petroleum products. This is more than Rs 88,600 crore revenue collection in the 2013-14 period. In last year this collection was 2.016 lakh crore.
First published: 30 May 2018, 14:17 IST