New Delhi, Sept 12 (UNI) Petroleum Minister Murli Deora today ruled out any cut in fuel prices even as global crude prices have plummeted to the 101 dollars a barrel mark.
''We are looking at global crude prices everyday. A decision will be taken at the appropriate time,'' Mr Deora told reporters here, while flagging off relief materials to the flood-affected people of Bihar.
These material include, Dhotis, Sarees, canvas ground sheets, tarpaulins, tent canvas-single and double family, water purification tablets, Candles, mosquito nets, ORS Solutions and Milk Powder.
Mr Deora termed the fall in global crude prices to the lowest in six months as a ''welcome'' change.
Crude prices have softened globally over the last one week as demand dipped in the US.
Oil was trading at 101.52 dollars a barrel by 0641 GMT today.
Petroleum Secretary R S Pandey said that crude prices are expected to fall even further.
''Over the last one and a half months, crude prices have come down from the peak of 147 dollars per barrel. The Indian basket of crude reached an average 95.47 dollars a barrel, which is a welcome relief. We expect prices to fall further, which would be a real relief,'' Mr Pandey said.
Indian basket of crude was traded at 95.79 dollars yesterday and at these prices, the under-recoveries for FY09 will be about Rs 1,62,254 crore, the Secretary said.
The under-recoveries was earlier estimated Rs 2,45,305 crore.
Mr Pandey said if the Indian basket of crude touches 67 dollars a barrel, then there would be no subsidies for oil PSUs.
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