TIL Desk/Business/New Delhi/ A day after fuel prices were ‘slashed’ by all of 1 paisa, the prices of petrol and diesel have further reduced by 7 paisa and 5 paisa respectively.
The fuel cut on Wednesday was the first reduction after 16 days of relentless price hikes.
Initially, state-owned Indian Oil Corp first announced a reduction of 60 paise — the biggest since daily price revision was introduced in mid-June last year, only to retract it within a couple of hours citing a technical error.
Economic affairs secretary Subhash Chandra Garg had on Monday stated that fuel prices are expected to cool in the next two or three days.
Last week, the government had stated that it was working on a long-term solution to address the volatility in fuel prices.
