Govt to consider cutting fuel prices

New Delhi: Within one and half month of the previous fuel price cut, the Government says it is watching the international crude price keeping another price cut in mind.

The Government will consider cutting petrol and diesel prices, if crude oil prices fall below $50 a barrel.

"We are keeping our pulse on the international price scenario. Certainly, we will consider a revision if prices fall further," as quoted by PTI, Petroleum Secretary M S Srinivasan told reporters in New Delhi.

International oil prices have fallen to a six-month low of $53 a barrel, but public sector oil firms continue to make a loss of Rs 0.22 per litre on petrol and a loss of Rs 1.42 a litre on diesel, he said.

Last time, the Government had cut the retail petrol and diesel prices by 4.25 per cent and 3 per cent respectively on November 29, 2006.