Manpreet
Considering the present scenario of crude oil prices in the global market, there are chances that the government may cut the prices of petrol, diesel and domestic LPG on Thursday. Besides these, the government is also thinking over freeing the fuel pricing from administrative control.
The Cabinet meet is scheduled for Thursday, to take a decision on oil and gas price reduction. A cut of Rs 5 per litre on petrol, Rs 3 per litre on diesel and Rs 25 per domestic LPG cylinder can be made with a view to give some relief to the common man and to ease out inflationary pressures.
State-run oil firms like HPCL, IOC, BPCL, are making a profit of Rs 9.70 per litre on sale of petrol and Rs 3.70 per litre on diesel, but are currently losing Rs 31.70 on the sale of a LPG cylinder and Rs 11.69 on kerosene. Similar oil price cuts have also been initiated in December 2008 when the crude prices fell to its four year lows.
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