New Delhi: The government has no proposal yet to cut retail fuel prices and such a move would depend on the stability in crude oil rates in the global market, Petroleum Ministry Additional Secretary S Sundareshan said today.
“We will have to watch the situation for a few more weeks before deciding on price reduction,” he told reporters here.
Earlier, the ministry had said that a price reduction may be considered if crude oil falls to $57 per barrel. The basket of crude oil India buys was at around $64 per barrel as of last week.
World oil prices today advanced in Asian trade to quote $1.99 higher at $64.72 a barrel.
“Prices have to stabilise at current levels for four weeks before thinking of a price cut,” Sundareshan said.