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National
Deora: where is the scope for price cut?
Sujay Mehdudia
NEW DELHI: Notwithstanding the decline in international crude prices in recent weeks, Petroleum and Natural Gas Minister Murli Deora on Monday ruled out a cut in retail prices of petrol and diesel.
“Where is the scope for reducing prices?” he shot back to a query by journalists after a review meeting with oil marketing companies (OMCs) here. “Oil companies are still making huge losses.”
Officials said the drop in international prices led to a marginal reduction in daily revenue loss to the OMCs. There was no scope for review under the current circumstances, as prices were raised when crude stood at $68 a barrel. However, the price of kerosene used by the poor was not raised, Mr. Deora said.
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