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The Indian Oil Corporation on Wednesday announced slashing of petrol and diesel prices by 60 paise. This was supposed to bring relief to the consumers, however, this was short-lived as the IOCL revised the prices to reflect a cut of just 1 paisa.
The price of petrol in Delhi after the correction is Rs 78.42/ litre and Rs 86.23/litre in Mumbai. Diesel is being sold at Rs 69.30/litre in Delhi and Rs 73.78/litre in Mumbai.
Indian Oil Corporation has blamed clerical error for the earlier figures. It is worth mentioning that the oil companies had resumed dynamic pricing mechanism on May 14. The prices were frozen while Karnataka Assembly election campaign was on between April 24 and May 13.
IOCL Chairman in a statement had said that this was not because of elections. He said the Government had given the freedom to revise prices on day to day basis and they took a call.
Earlier, Union Minister for Petroleum and Natural Gas, Dharmendra Pradhan had said that the Central Government was considering bringing petroleum products under GST. However, Bihar Deputy Chief Minister and a member of the GST council said that there would be no impact on fuel prices, even if they were brought under GST.
"It is a huge misconception that price of petroleum products will be reduced significantly if they are brought under GST ambit. There will not be any impact on the price of fuel even after it comes under GST... At best, the impact will be negligible"