Diesel price cut discussion not on the agenda, says Deora

New Delhi, Feb 26 (ANI): Ruling out speculation of a price-cut in diesel on Thursday, Petroleum Minister Murli Deora said the issue is not on the Cabinet's agenda.

Talking to reporters here today, Deora refused to comment on the meeting of the Cabinet Committee on Political Affairs, scheduled for Friday evening to discuss fuel price revision.

Petroleum Secretary R S Pandey said: "I have not been informed of any meeting till now."

With the state-owned oil firms gaining Rs 3.26 per litre, a reduction in retail rates is expected.

This reduction in diesel price will help bring down the rate of inflation, thereby widening the scope for a further reduction in interest rates, which would deepen the impact of the government's economic stimulus packages.

The diesel price has already been reduced two times before in December and January as international crude slithered to four-year lows of around 40 dollars a barrel from it peak of over 147 dollars a barrel in July last year. (ANI)