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Petrol and diesel prices were yesterday cut by 1 paisa per litre each, the first reduction after 16 days of relentless price hikes. But the marginal decline had its share of excitement with state-owned Indian Oil Corp (IOC) first announcing 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.