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Home > Business > Business Headline > Report

Petro prices may drop further: Naik

April 21, 2003 18:03 IST

Petroleum Minister Ram Naik has hinted at a further cut in retail prices of petrol and diesel if international crude prices remained in the range of $22-24.

Addressing a public meeting in Port Blair, the minister said the revised prices would be announced by oil companies on April 30 when a review of the international situation would be made.

He made it clear that the government was monitoring the price situation, though it had no role in fixing the retail prices.

Naik said the government was planning to introduce 'Deepam Yojana' in Andaman & Nicobar Islands like that in Andhra Pradesh.

''Under this scheme, poor people will not have to pay the initial deposit for gas connection,'' he said.

Also, he announced that for the benefit of people of Andaman and Nicobar Islands, four new petrol pumps would be opened at different islands.

On April 15, the state-owned oil companies had announced a cut of three to five per cent in prices of petrol and diesel because of crude prices moving southwards in the international market.


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