Fuel prices in India likely to be cut again

Mumbai: Petrol, diesel and cooking gas prices may be cut further to bring them in line with international rates, Petroleum Minister Murli Deora said here on Saturday.

The government might reduce petrol prices by Rs5 (Dh0.5) per litre, diesel prices by Rs3 per litre, cooking gas (LPG) prices may be cut by Rs20-25 per cylinder.

The statement comes three days after the minister said that the government may announce another cut in fuel prices soon.

The exact quantum of the cut is expected to be announced in a week.

Fuel prices were last cut on December 5 after global crude oil prices plunged.

In Delhi, Ashok Badhawar, president of the Federation of All India Petroleum Traders, said he had come to know of an impending price cut but did not know the details.

"We have heard that the minister has announced a price cut. As of now we do not know by how much," said Badhawar.