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Imminent cut in oil prices ruled out

NEW DELHI: With the Organisation of Petroleum Exporting Countries announcing a production cut of 1.5 million barrels a day from November 1, the government on Friday ruled out the possibility of an imminent cut in retail prices of petrol and diesel. The situation was being constantly monitored, it said.

Petroleum and Natural Gas Minister Murli Deora had said that he had not given any assurance on oil price cut “within one week.”

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