Oil Minister M Veerappa Moily hints at retail petroleum prices cut

BANGALORE: Oil Minister M Veerappa Moily said today retail petroleum prices would be cut but refrained from disclosing the extent of it and the timing.

Asked if there would be relief for common man vis-a-vis petroleum prices, Moily told reporters here: "...petroleum prices? I hope so".

He added: "Anyway you will get a relief, that's all. Don't ask me about the date (of price cut). Then (if I disclose the date) people will start hoarding it".

Moily's talk of relief comes with assembly elections in five states just a couple of months away and crude prices easing in the global market.