New Delhi: The Government is likely to cut fuel prices later on Friday for the first time since February 2007, with the cost of crude oil now having plummeted by more than $100 from record highs, oil ministry.
India's likely cuts follow similar moves by Malaysia, Vietnam and Pakistan, which have all lowered rates. Crude oil, which soared to a record above $147 a barrel in July, fell below $44 on Friday to its lowest in nearly four years.
The price of petrol, which is currently sold for Rs 50.6 ($1.02) a litre in Delhi, is likely to be cut by 10 percent, while diesel, for which consumers are charged Rs 35.86 a litre, is likely to be lowered by 2 rupees, sources told Reuters.
Last month, Oil Minister Murli Deora said India would not consider cutting fuel prices before December 24, as the country's Election Commission may have objected to the potential vote-catching move amid a series of state polls.
India, like China, has so far not cut prices, leaving domestic rates higher than those in the United States and helping private retailers reopen petrol pumps shut as firms could not compete with state-run companies selling fuels at subsidised rates. ($1 = Rs 49.7)
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