If you were overjoyed to wake up to the news of petrol and diesel prices in India having finally fallen by roughly 60 paise, following the increase for 16 consecutive days, well, we are sorry to disappoint you, but the price cut actually never happened. The earlier report of the price drop was described as a “clerical error” in updating fuel prices online.
According to an official statement by senior officer at Indian Oil Corp (IOC), the reduction was supposed to be 1 paisa, but thanks to the clerical error, the price prevalent on May 25 was communicated as the price of that day.
As on 30th May, petrol and diesel prices in Mumbai are Rs. 86.23 per litre and Rs. 73.78 per litre, having seen a decrease of exactly 1 paise over the last day’s price, respectively. In Delhi, the fuel prices now stand at Rs. 78.42 per litre for petrol and Rs. 69.30 per litre for diesel.
In all likelihood, rising fuel prices will be discussed at the Reserve Bank’s rate-setting panel, Monetary Policy Committee’s (MPC) three-day meet beginning on June 4. This is the first time that the MPC will meet for this duration due to “administrative exigencies”, as it has been claimed. Usually, the MPC meets once in two months for two days before making its policy public.
The rise in international crude oil prices and the weakness of the Indian Rupee against the US dollar are the main factors responsible for the petrol and diesel prices in India witnessing an all-time high.