The government said on Monday it is examining whether domestic petrol and diesel prices can be reduced in line with the fall in global crude oil prices.
"We will be very happy to reduce prices, but first we have to examine as to what extent the fall in international prices has helped us," Petroleum Minister Murli Deora said.
Public sector oil companies are currently making Rs 4.50 per litre profit on petrol, but losing Rs 1.55 per litre on diesel. International crude oil prices have declined to below $60 a barrel compared to a high of $75 a barrel in August.
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