It is reported that prices of auto fuels and cooking gas could be reduced by the Government in a fortnight. It is considering reducing the prices of petrol by INR 5 a liter, diesel by INR 3 a liter and INR 25 on every domestic LPG cylinder.
Earlier, the Government had cut prices on December 5th 2008, due to falling international crude prices. Retail selling price of petrol was reduced by INR 5 a liter and diesel by INR 2 a liter.
Mr Murli Deora union petroleum minister addressing a press conference said that “We want to further decrease the prices, give us 10 to 15 days.”
National oil companies can now afford to reduce prices as the crude oil price, which was overheated at USD 147 a barrel in July 2008 has now cooled to about USD 40.
Mr Deora said that from the current quarter, the oil marketing companies could start making profits provided the crude price remains below USD 40 per barrel. If the crude oil price increases beyond $40, then the profits will not happen. He added that there would be no reduction in the prices of kerosene as it is already available at INR 9 a liter, which is the lowest in the world.
Ref. Steelguru
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