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Sunday, Jan 11, 2009
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Business Daily from THE HINDU group of publications Sunday, Jan 11, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Trade & Labour Unions Industry & Economy - Petroleum Govt considers cut in fuel, cooking gas prices
Mr Murli Deora, Union Petroleum Minister, with Mr Arun Balakrishnan, Chairman and Managing Director, Hindustan Petroleum, at a Hindustan Petroleum pump at Bandra Kurla Complex in Mumbai on Saturday. Our Bureau Mumbai, Jan. 10 Prices of auto fuels and cooking gas could be reduced by the Government in a fortnight. It is considering reducing the prices of petrol by Rs 5 a litre, diesel by Rs 3 a litre and Rs 25 on every domestic LPG cylinder. Earlier, the Government had cut prices on December 5, 2008, due to falling international crude prices. Retail selling price of petrol was reduced by Rs 5 a litre and diesel by Rs 2 a litre. The Union Petroleum Minister, Mr Murli Deora, addressing a press conference on Saturday said that he has spoken to the Prime Minister about the issue. “We want to further decrease the prices, give us 10-15 days,” Mr Deora said. National oil companies can now afford to reduce prices as the crude oil price, which was overheated at $147 a barrel in July 2008, has now cooled to about $40. Mr Deora said that from the current quarter, the oil marketing companies could start making profits provided the crude price remains below $40 per barrel, “If the crude oil price increases beyond $40, then the profits will not happen,” he said. He added that there would be no reduction in the prices of kerosene as it is already available at Rs 9 a litre, which is the lowest in the world. HPCL’s Chairman and Managing Director, Mr Arun Balakrishnan, said in his address to the media that the company would be able to make some profits in the January-March quarter provided the current crude oil prices stay constant. More Stories on : Trade & Labour Unions | Petroleum
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