Oil ministry rules out fuel price cut

October 16th, 2008 - 11:02 pm ICT by IANS  

New Delhi, Oct 16 (IANS) Petroleum Minister Murli Deora Thursday ruled out any reduction in fuel prices, saying this was possible only if the purchase price fell below $61 a barrel.“We are watching the situation very carefully and hope there is further reduction, so that we can (consider a price cut),” he told reporters.

“The new break-even level is $61 a barrel and oil companies are still making losses,” Deora added.

Oil prices have further tumbled Thursday, with Brent crude going below $68 in early London trade.

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