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Petrol rates had yesterday touched an all-time high of ₹78.43 per litre, according to a price revision notification of state-owned oil firms.

"There was a technical glitch in posting the selling prices of petrol and diesel. Today, there is a minor reduction in fuel prices", the International Olympic Committee clarified shortly before noon. Diesel prices increased by Rs 3.32 a litre, Rs 3.17 per litre, Rs 3.53 a litre and Rs 3.56 a litre respectively. Price of diesel in Delhi is Rs 69.25 per litre and Rs 73.73 per litre in Mumbai.

Indian Oil Corp, the country's top refiner and fuel retailer, has marginally cut pump prices of petrol and diesel around India, its website showed on Wednesday.

Meanwhile, Kerala Chief Minister Pinarayi Vijayan said petrol and diesel prices in the state would be slashed by Rs 1 per litre from June 1.

Terming the one paisa fuel price cut as "prank", Rahul Gandhi mocked PM Narendra Modi, saying the price cut was a childish response to the Fuel Challenge that he had thrown at him.

Once customers realised this, relief turned into frustration, with consumers taking to social media to target the government for its inability to keep prices down. In Kerala, the retail prices are set to drop by a larger magnitude as the state government has unilaterally announced a reduction in the value added tax, which is calculated as a percentage of the price. Fuel prices can not go up like this.

Global crude prices have, however, fallen by about $5 per barrel to around $75 a barrel in the last fortnight. Fuel prices in India are among the highest in South Asia. However, after a 16-day continuous rise, the Indian Oil Corporation announced that the price has actually been lowered. The Kerala government drove home the point that it would be sacrificing revenue. A one rupee cut in central excise duty on fuel could reduce central revenues by Rs 13,000 crore. Kerala now levies 24.52 per cent tax on diesel and 31.8 per cent on petrol.


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