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There was news of the government dropping petrol prices by roughly 60 paise after the rate climbed for 16 days straight. But the government described this a "clerical error" in updating fuel prices online.
A senior Indian Oil Corp (IOC) official stated, "The reduction was supposed to be 1 paisa but due to a clerical error the price prevalent on May 25 was communicated as today's price." Petrol and diesel in Mumbai are Rs 86.23 per litre and Rs 73.78 per litre, while in Delhi they now stand at Rs 78.42 per litre for petrol and Rs 69.30 per litre for diesel. Prices for petrol and diesel in India are currently at an all-time high.
The Reserve Bank’s rate-setting panel, the Monetary Policy Committee’s (MPC) three-day meet, which starts on June 4, will see a discussion on fuel prices. The MPC will meet for this duration to discuss “administrative exigencies”.