The government did not cut the fuel prices, which were raised by about 10 per cent at the time of crisis, despite the fall in international crude oil prices from its peak of 147 dollars a barrel to below 50 dollars a barrel last week. Finance Minister P Chidambaram on Monday, Nov 24 threw the ball into Petroleum Ministry's court, saying it is their call on fuel price reduction.
The fall in international oil prices will result in lower revenue loss on fuel sales this fiscal.
Petroleum Secretary R S Pandey said the ministry would go to the Cabinet Committee on Economic Affairs (CCEA) with a comprehensive proposal highlighting the situation and the remedial steps that can be taken.
OneIndia News (With Inputs from Sources)