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Naik hints at reduction in petrol, diesel prices
April 09, 2003 23:01 IST
Union Petroleum Minister Ram Naik hinted on Wednesday that the prices of petrol and diesel may be cut on April 15 so that they are in step with the fall in international oil prices.
"After the outbreak of war in Iraq, crude prices have fallen substantially. Oil companies will take into account these changes and I am sure they will make consumers happy," Naik told reporters in New Delhi.
He, however, did not specify the extent of price reduction.
From a three-month high of $34.73 a barrel prior to the war, crude prices have fallen to less than $24 a barrel.
"Though the decline started immediately after the war started on March 20, the oil companies did not revise the price of petrol and diesel on April 1 as the situation was still volatile," he said adding prices have not stabilised and the fall in prices would be passed on to the consumers.
Petrol prices have risen by over 26 per cent during 2002-03, from Rs 26.54 a litre (in Delhi) on April 1, 2002 to Rs 33.49 per litre currently.
Diesel prices have gone up by around 33 per cent to Rs 22.12 per litre at present as opposed to Rs 16.59 a litre on April 1, 2002.
Naik said the Indian basket of crude had averaged $27 a barrel in the second fortnight of March and in the subsequent fortnight it fell to $25.09 per barrel, necessitating a reduction.
OPEC aims to keep oil at $25
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Number of User Comments: 13
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Sub: People are clever
People are closely watching the market and let the suppliers don't think they can fool around. Just bcos the consumers cannot have any control over ...
Posted by Sundaram
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Sub: Then what the hell for r u people charging us
Y dont u people reduce the oil prices r down in the International market. U people just wanna make money from the poors pocket. U ...
Posted by Viswanath K
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Sub: petrolieam prizes
rates of petrol and diesel should reduceh immediatly so a lower and lower medium class men should also live comfertably
Posted by SAROJ PANDEY
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Sub: petrol prices
can hon.minister explain that why the prices are not reduced proportionately to the fall in international prices.
Posted by d.k.chaturvedi
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Sub: petro diesel prices cut
why they r waiting for 15th april for announcing the cuts. When they have to increase the prices they dont wait for any 15th or ...
Posted by Anshuman Agarwal
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