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Read: Petrol, diesel prices cut by 1 paisa, not 60 paise
The country’s largest fuel retailer later said in a statement, “There was a technical glitch in posting the selling prices of petrol and diesel. The selling prices of petrol and diesel with effect from May 30, 2018 have been rectified. Today, there is a minor reduction in fuel prices.”
But what does 1 paisa really add up to for India and the oil companies? Here’s a look at some numbers:
India consumed 7.6 crore litres of petrol a day in April. Thus, at 1 paisa a litre, India saves Rs 7.6 lakh a day on petrol.
Similarly, India consumed 23.85 crore litres of diesel a day in April and the country saves Rs 23.85 lakh a day, courtesy a 1 paisa per litre cut on diesel.
The typo or the ‘technical glitch’ as IOC likes to put it, if had gone unnoticed, would have cost oil companies Rs 18.5 crore a day (Rs 14 crore for diesel and Rs 4.5 crore for petrol).
Meanwhile, on Wednesday evening Kerala took the 1 paisa cue and turned it into a real Re 1 a litre relief for its people.
Read here: Kerala government to cut petrol, diesel prices by Re 1
Wednesday’s cut albeit marginal, was the first time in 16 days that prices were cut since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates.
Petrol price was on Thursday has been cut by 7 paise a litre and diesel by 5 paise.