No immediate cut in Deora


New Delhi, Sep 5: The government on Friday, Sep 5 ruled out any immediate reduction in fuel prices, even as global crude oil prices have softened.

''...international prices will have to fall further to trigger a retail price reduction,'' Petroleum Minister Murli Deora told reporters here. Crude oil is being trade at over 106 dollar a barrel which is at the lowest level since April 4. ''Please pray that prices come down further so that we can consider reducing fuel prices,'' he said. The oil marketing companies such as IOC, HPCL and BPCL are are losing about Rs 400 crore per day on sale of petrol, diesel, domestic LPG and kerosene.