Deora says will back fuel prices hike if crude prices ease

Chennai, July 5 (ANI): Union Petroleum Minister Murli Deora has said the government would consider a downward revision of fuel prices if international crude prices came down.

"I have already explained you how we have increased the prices and what made us to increase the prices. Where in case the fuel prices goes down substantially, we will pass on to customers, we will not wait," Deora said on the sidelines of a function here on Saturday.

Petrol and diesel prices rose by as much as 10 percent in India, on Wednesday, the first increase this year and one of the steepest ever.

Petrol prices rose by four rupees a litre, while diesel rates were hiked by two rupees a litre.

Prices were last raised in June last year, when the average price of India's crude imports were 113 dollar a barrel, but they were cut in December and again in January as oil prices tumbled.

The government has not increased the price of cooking gas and kerosene to protect the poor and middle-class.

Despite price increase, oil firms say they were likely to suffer a revenue loss of 560 billion rupees on sale of petrol, diesel, cooking gas and kerosene this fiscal. (ANI)