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New Delhi, Oct. 16 The Petroleum Minister, Mr Murli Deora, has ruled out an immediate price cut on petrol, diesel and domestic LPG. “I welcome fall in oil prices. But the global prices have not fallen enough to warrant a reduction. We are watching the situation very carefully and hope there is further reduction so that we can think of a price cut,” he said.

A reduction in domestic retail price may be considered if the price of crude oil falls to $61 a barrel, he said. India’s crude oil basket was at this fiscal’s lowest of $68.81 a barrel on Wednesday and is expected to soften further in line with the global crude prices. The oil companies were hoping to break even on fuel sales if the price of Indian basket came down to $67 a barrel. However, an almost 20 per cent rupee depreciation against the dollar has made the break-even point at $61 a barrel, he said.

The revenue loss on petrol was Rs 2.85 a litre, diesel Rs 7.26 a litre, kerosene Rs 29.19 a litre and Rs 335.03 a cylinder on LPG. The projected under recovery for the fiscal at the current prices stood at Rs 1,47,592 crore.

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