Oil marketing companies are free to take an appropriate decision on revising the retail selling price of petrol and diesel and the companies will take an appropriate decision soon, the Petroleum and Natural Gas Minister, Dharmendra Pradhan, said on Friday.
“The price cut in petrol and diesel in not in our (Government) hands. Oil marketing companies will do what they feel is appropriate,” Pradhan said at the Petro India Conference here on Friday.
With crude oil prices falling below $50 a barrel, there have been expectations of a cut in petrol and diesel retail prices. Oil marketing companies typically revised the prices on the first and 15th of every month. However, the last two times – January 1 and January 15 – the prices have been left untouched.
Both the petrol and diesel are de-regulated products, leaving the decision in the hands of the oil marketing companies.