''...international prices will have to fall further to trigger a retail price reduction,'' Petroleum Minister Murli Deora told reporters here. Crude oil is being trade at over 106 dollar a barrel which is at the lowest level since April 4. ''Please pray that prices come down further so that we can consider reducing fuel prices,'' he said. The oil marketing companies such as IOC, HPCL and BPCL are are losing about Rs 400 crore per day on sale of petrol, diesel, domestic LPG and kerosene.
The average price of crude oil bought by the country was 111.09 dollar a barrel in the second fortnight of August compared to 117.37 dollar per barrel in the first half of the month.
Based on an average price of the second fortnight of August, PSU oil companies are losing Rs 6.31 per litre on petrol, Rs 13.69 per litre on diesel, Rs 31.39 per litre on kerosene and Rs 312.58 a cylinder on LPG.