No move to cut retail fuel prices: PetroMin official
The government has no proposal yet to cut retail fuel prices and such a move would depend on the stability in crude oil rates in the global market.
By PTI |
NEW DELHI: The government has no proposal yet to cut retail fuel prices and such a move would depend on the stability in crude oil rates in the global market, Petroleum Ministry Additional Secretary S Sundareshan said on Wednesday.
"We will have to watch the situation for a few more weeks before deciding on price reduction," he told reporters here.
Earlier, the ministry had said that a price reduction may be considered if crude oil falls to USD 57 per barrel. The basket of crude oil India buys was at around USD 64 per barrel as of last week.
World oil prices on Wednesday advanced in Asian trade to quote 1.99 dollars higher at 64.72 dollars a barrel.
"Prices have to stabilise at current levels for four weeks before thinking of a price cut," Sundareshan said.
"We will have to watch the situation for a few more weeks before deciding on price reduction," he told reporters here.
Earlier, the ministry had said that a price reduction may be considered if crude oil falls to USD 57 per barrel. The basket of crude oil India buys was at around USD 64 per barrel as of last week.
World oil prices on Wednesday advanced in Asian trade to quote 1.99 dollars higher at 64.72 dollars a barrel.
"Prices have to stabilise at current levels for four weeks before thinking of a price cut," Sundareshan said.
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