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November 06, 2008 17:34 IST
The government said on Thursday it is not considering any cut in fuel prices at the moment as oil companies continue to make losses on sales of diesel, kerosene and domestic LPG.
"I am not aware of cuts in fuel prices...At present, the reduction is not under active consideration," petroleum secretary R S Pandey said.
Pandey said margins on sale of petrol have turned positive, but there were under-recoveries on sales of diesel, domestic LPG and kerosene.
Besides, the rupee-dollar parity and international oil prices were fluctuating on a day-to-day basis.
State-run Indian Oil [Get Quote], Hindustan Petroleum and Bharat Petroleum are projected to lose Rs 1,28,135 crore (Rs 1,281.35 billion) on fuel sales this fiscal.
IOC, BPCL [Get Quote] and HPCL [Get Quote] lost Rs 92,853 crore (Rs 928.53 billion) on fuel sales (audited figures) in April-September and are projected to lose Rs 35,282 crore (Rs 352.82 billion) in the second half of 2008-09 fiscal.
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