Mumbai: Petroleum Minister Murli Deora on Saturday said the government is considering a price reduction of up to Rs five per litre in petrol, Rs three a litre in diesel and Rs 25 per LPG cylinder prices in the next few days.
"We have spoken to the Prime Minister, in coming days we are trying to reduce the prices of petrol, diesel and LPG...give us 10 -15 days," Deora said in Mumbai.
"According to me the advisable reduction would be Rs five per litre for petrol, Rs three per litre for diesel and Rs 25 on LPG cylinder," he said when asked about the extent of reduction in prices.
Oil companies have minimised the losses on petrol and diesel, as crude oil prices have lowered to $40 per barrel from its peak of $147 a barrel in July last year.
"From this quarter onwards, we expect the oil marketing companies to start making profits. But, if the crude oil price rises beyond $40 per barrel, then it (profit) will not happen," Deora added.
When asked about a reduction in kerosene prices, he said it is already available at a cheap rate in India of Rs nine per litre.
On December 6, the Government had reduced prices of petrol and diesel by Rs five and Rs two per litre, respectively, as global crude prices hovered around four year low.
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