Petrol price to be cut if global crude prices slip further: Minister
August 9th, 2011 - 3:27 pm ICT by IANSNew Delhi, Aug 9 (IANS) Petroleum Minister S. Jaipal Reddy said Tuesday that if global crude oil prices continue to slip further, petrol price would be lowered.
“If the prices globally come down sharply and in a stable way, naturally the prices of petrol would be adjusted downwards,” Reddy told reporters.
Petrol prices have been de-regulated and now oil marketing companies price the fuel on the retail level according to global movement of crude. This has led to sharp increases in the petrol prices.
Other fuels like diesel, kerosene and cooking gas are still under government control. The petroleum ministry had hiked prices of fuel in June as global crude oil prices shot up.
Following Standard and Poor’s downgrade of US’s sovereign debt rating and fears of the US seeing a double-dip recession, oil prices have witnessed a sharp decline.
Crude was trading around the $80 a barrel mark at the Multi-Commodity Exchange Tuesday afternoon.
A dip in prices of fuel will also have a sobering effect on high inflation, which has been troubling policymaker for over two years.
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- Forced to hike petrol prices, say government, oil firms - Nov 04, 2011
- Government compelled to hike fuel price: Reddy - Aug 04, 2011
- Oil firms mulling another price hike - Nov 01, 2011
- 'Oil companies will decide on petrol price hike' - Nov 02, 2011
- Fresh petrol price hike of Rs.1.80 per litre - Nov 03, 2011
- No government role in petrol price hike: Pranab - Nov 05, 2011
- Oil companies to bear Rs.121,571 crore under-recoveries: Reddy - Oct 19, 2011
- Reddy rules out diesel price hike - Jan 20, 2011
- Ministerial panel to decide on diesel price hike next week (Lead) - Dec 15, 2010
- No plan to hike diesel, LPG, kerosene prices: Reddy - May 28, 2012
- Petrol price hike in the offing as crude soars - Mar 23, 2012
- EGoM on fuel price hike deferred for next week: Jaipal Reddy - May 10, 2011
- Ministerial panel to decide diesel price hike Dec 22 - Dec 15, 2010
Tags: crude oil prices, crude prices, decline, double dip recession, fears, global movement, government control, inflation, jaipal reddy, kerosene, marketing companies, multi commodity exchange, New Delhi, petrol prices, petroleum ministry, policymaker, retail level, sovereign debt, tuesday afternoon