The Government will review petrol and diesel prices on January 31 and a reduction is likely if international crude prices fall further."There will be a review on January 31. If the current average continues there will be no cut. For a reduction to happen prices have to fall further," Petroleum Secretary M S Srinivasan told reporters.
International crude prices have fallen to 19-month-low this month. The Indian basket of crude oil is currently averaging around 51 dollar a barrel and a reduction in petrol and diesel prices was possible only if crude prices slip below 50 dollar a barrel on a sustained basis.
Earlier, Srinivasan had said that the government may reduce petrol and diesel prices if the current fall in international oil prices continues and crude declines below 50 dollars a barrel level.
Courtesy : Express India
International crude prices have fallen to 19-month-low this month. The Indian basket of crude oil is currently averaging around 51 dollar a barrel and a reduction in petrol and diesel prices was possible only if crude prices slip below 50 dollar a barrel on a sustained basis.
Earlier, Srinivasan had said that the government may reduce petrol and diesel prices if the current fall in international oil prices continues and crude declines below 50 dollars a barrel level.
Courtesy : Express India