No cut in fuel prices
The Union petroleum minister, Mr Murli Deora has said that the government will consider a cut in fuel prices if international prices fell to $67 per barrel.
Mr Deora said (current) domestic retail prices were pegged at $67 per barrel and a retail price cut would be considered if prices fall below this level.
“We welcome reduction in oil prices but still public sector companies are losing money. Oil companies have to square off their losses for us to consider a price cut,” said the minister.
Mr Deora said that the Indian oil basket has averaged $118.56 per barrel during the fiscal, which is higher than the level at which domestic retail prices are pegged. He said that gains from oil’s decline have been offset by the Rupee’s fall.
To read the full article, click here..
To read the ePaper, visit:
http://www.dc-epaper.com/DC/DCH/2008/09/17/index.shtml
Mr Deora said (current) domestic retail prices were pegged at $67 per barrel and a retail price cut would be considered if prices fall below this level.
“We welcome reduction in oil prices but still public sector companies are losing money. Oil companies have to square off their losses for us to consider a price cut,” said the minister.
Mr Deora said that the Indian oil basket has averaged $118.56 per barrel during the fiscal, which is higher than the level at which domestic retail prices are pegged. He said that gains from oil’s decline have been offset by the Rupee’s fall.
To read the full article, click here..
To read the ePaper, visit:
http://www.dc-epaper.com/DC/DCH/2008/09/17/index.shtml
Labels: barrel, cut, domestic retail prices, fuel prices, international prices, Murli Deora, Oil companies, Oil Marketing Companies, public sector companies, Rupees, Union petroleum minister
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11:34 AM
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