After fuel prices reached a record high in India in the last week, Indian Oil had announced earlier on Wednesday that it had cut petrol and diesel prices by 60 paise and 56 paise per litre respectively.
However, later in the day the leading fuel retailer corrected the itself and said that it had only reduced petrol and diesel prices by 1 paisa per litre.
While the news of the reduction in fuel prices were supposed to be a relief, a 1 paise reduction is not going to be of any help to consumers who have been hit by the steep rise in fuel prices.
LiveMint reports that with the current reduction, petrol at Indian outlets in Delhi cost Rs 78.42 and diesel Rs 69.30 per litre. Delhi has the cheapest fuel prices among all metros.
Fuel prices are different in different states because of differing taxes.
Reuters had reported earlier in the day that after Saudi Arabia and Russia said they were ready to ease supply curbs oil prices went down about $75 a barrel.