Mumbai: Petroleum minister Murli Deora on Saturday said the government is considering a further up to Rs5 per litre reduction in petrol, Rs3 a litre in diesel and Rs25 per LPG cylinder prices in the next few days.
“We have talked to Prime Minister, in coming days we are trying to reduce the prices of petrol, diesel and LPG...give us 10 -15 days,” Deora told reporters.
Oil companies have minimised the losses on petrol and diesel, as crude oil prices have lowered to $40 per barrel from its peak of $147 a barrel in July last year.
“From this quarter onwards, we expect the oil marketing companies to start making profits. But, if the crude oil price rises beyond $40 per barrel, then it (profit) will not happen,” Deora added.
When asked about a reduction in kerosene prices, he said it is already available at the cheapest rate in India of Rs9 per litre.
On 6 December, the Government had reduced prices of petrol and diesel by Rs5 per litre and Rs2 per litre, respectively, as global crude prices hovered around four year low.