60 Paise Cut An "Error". After A Fortnight, 1 Paisa Petrol Price Cut

Petrol and diesel prices were marginally lowered on Wednesday, after sixteen days of consecutive hikes. The marginal reduction of 1 paisa per litre comes in the wake of some softening in global crude prices. Despite Wednesday's mild reduction, petrol and diesel prices are still near all-time highs in some cities, including Delhi and Mumbai. Indian Oil Corporation had earlier on Wednesday announced the reduction to be in the range of 56-63 paise a litre on its website. However, within hours, India's biggest oil marketing company revised the prices on its website. "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," news agency Press Trust of India cited a senior official of Indian Oil Corporation as saying.

Here are five things to know about petrol and diesel prices today: