New Delhi, July 15: The government will cut petrol and diesel prices if international oil rates stabilise at lower levels, Petroleum Minister Murli Deora said on Tuesday.
“The Parliament is in session and I don’t want to say anything outside the House which I haven’t said in Parliament,” Mr. Deora told reporters here.
“I had said in Parliament that we will reduce petrol and diesel prices if international crude oil prices were to stabilise at lower rates. I stand by that statement,” he said.
He, however, refused to say what level of crude oil prices would trigger a price cut.
Prices at lower levels will have to stabilise for fout to six weeks, a Petroleum Ministry official said.
The government had earlier this month raised petrol and diesel prices citing spike in international crude oil prices to USD 70 a barrel.
International rates have eased since. The basket of crude oil India buys was at USD 59.81 a barrel on Monday but the average for July was USD 63.65 per barrel. The July average was certainly lower than USD 69.12 a barrel average price of Indian basket of crude for June.
Mr. Deora said the price rise was unavoidable as crude had risen to USD 70 a barrel. “I have said this and I am repeating again that the decision to increase prices was a difficult one. We didn’t want to do it but were compelled to,” he said.
–PTI