While the price was increased almost Rs 4 per litre during May 14 to May 29 with an average increase of 15 to 30 paise daily, the reduction of 1 paisa invited severe wrath of people. Fuel prices in Delhi now stand at Rs 78.42 per litre for petrol and Rs 69.30 per litre for diesel.
The prospects of a partial relief to consumers from record high petrol and diesel prices dampened after IndianOil stated that auto fuel prices were each cut by just one paisa a litre. Initially, IOC website had shown the fall as 50 to 60 paise per litre, that it later retracted to 1 paisa saying that it was a "technical glitch". "Since we moved to the mechanism of daily price change, prices have gone up and down by 1 paisa, 12 paise, 27 paise etc".
The reason behind the increase in petrol prices in the country is the rise in the crude oil cost and high excise duty levied on the particular fuel type. "All this will reflect in reduction in retail rates in coming days", he said.
Prices vary from state to state depending on local sales tax or VAT.
The cut comes after 16 consecutive day of price increase since May 14 when fuel retailers ended the pre-Karnataka poll hiatus. Prices are now off their peak of ₹69.31 a litre.
Previously the farmers had to pay Rs 20 for bringing in a sack of potato, and due to an increase in fuel prices the charges have now increased to Rs 25.
Delhi has the cheapest price among all metros and most state capitals.