We will roll back price hike if crude prices stabilize: Deora

New Delhi, July 9 (ANI): Union Minister of Petroleum and Natural Gas Murli Deora on Thursday said that government will roll back the price hike of Rs 4 and Rs 2 a-litre on petrol and diesel respectively, if international crude oil prices stabilise between 50 to 60 dollars a barrel.

"Yes, we will cut prices if crude prices stabilise for sometime between 50 and 60 dollars per barrel," Murli Deora said.

Earlier, government had raised petrol and diesel prices citing fluctuation in international crude oil prices from 40 dollars a barrel in December to 70 dollars per barrel.

Since the hike, international rates have eased down, with 61.58 dollars a barrel on Wednesday.

The minister said that price rise was unavoidable, as India was dependent on imported crude oil to meet 75 per cent of its domestic oil needs.

Petrol companies, including Indian Oil, Bharat Petroleum and Hindustan Petroleum have been projecting to lose Rs 4,870 crore in revenues every month on selling petrol, diesel, domestic LPG and kerosene below the cost.

"To cover the revenue loss, retail prices were required to be increased by Rs 6.94 per litre on petrol, Rs 4.11 a litre on diesel, Rs 96.68 per LPG cylinder and Rs 16.01 per litre on kerosene," Deora said. (ANI)