Oil prices to be slashed after assembly polls: Deora (Lead)

November 25th, 2008 - 2:04 pm ICT by IANS  

New Delhi, Nov 25 (IANS) The government could reduce fuel prices after the assembly elections end next month, Petroleum Minister Murli Deora said here Tuesday.“We have to reduce oil prices after the assembly elections end,” Deora told reporters.

Petroleum Secretary R.S. Pandey said the cabinet would decide the quantum of the reduction.

He said oil marketing companies had incurred huge losses earlier in the year, which would have to be taken into consideration while deciding the reduction.

According to him, the under-recoveries for the current fiscal year were about Rs.1,100 billion (Rs.1.1 lakh crore).

Deora said Reliance Industries has already approached the government for re-opening some of its retail outlets. Essar too has said it plans to re-open 500 outlets, he added.

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