(PTI)
Pinning hopes on further reduction in global crude oil prices, economic affairs secretary Subhash Chandra Garg on Thursday indicated that the retail prices of petrol and diesel could see a further decline.
Asked about a mere 1 paise reduction in petrol prices announced by oil companies yesterday, Garg termed it “formula driven”, but added that the trend for reduction had begun.
“It is not material that it is ‘x’ paisa today or ‘y’ paisa. The trend for reduction has started. Earlier since the (crude) prices were going up, the trend was building up the prices. Maybe going forward, you might see some more reduction …,” he told reporters here. Yesterday, local petrol and diesel prices were cut by 1 paisa a litre each. Today again the fuel prices were reduced — petrol by 7 paise a litre and diesel by 5 paise.
Garg said the government is working on a long-term solution to deal with any spurt in crude oil prices, and including petroleum under GST is one of the options being discussed.
