India considering cut in petrol, diesel, LPG prices: Deora

Mumbai, Jan 10 (PTI) Indian Petroleum Minister Murli
Deora Saturday said the government is considering a further up
to Rs 5 per litre reduction in petrol, Rs 3 a litre in diesel
and Rs 25 per LPG cylinder prices in the next few days.

"We have talked to Prime Minister, in coming days we are
trying to reduce the prices of petrol, diesel and LPG...give
us 10 -15 days," Deora told reporters here.

"According to me the advisable reduction would be Rs 5
per litre for petrol, Rs 3 per litre for diesel and Rs 25 on
LPG cylinder," he said when asked about the extent of
reduction in prices.

Oil companies have minimised the losses on petrol and
diesel, as crude oil prices have lowered to USD 40 per barrel
from its peak of USD 147 a barrel in July last year.

"From this quarter onwards, we expect the oil marketing
companies to start making profits. But, if the crude oil price
rises beyond 40 dollar per barrel, then it (profit) will not
happen," Deora added.

When asked about a reduction in kerosene prices, he said
it is already available at the cheapest rate in India of Rs
9 per litre.

On December 6, the Government had reduced prices of
petrol and diesel by Rs five and Rs two per litre,
respectively, as global crude prices hovered around four year
low. PTI JD
SAK
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