New Delhi, Sep 26 (IANS) Petroleum Minister Murli Deora Tuesday ruled out any reduction in prices of petrol and diesel in tandem with fall in global oil crude prices, saying the state-owned oil companies were still facing losses on certain products.
'Though international prices have come down, they are still at a level where oil PSUs (public sector units) are still facing losses on some products,' Deora said at a function held to flag off an expedition to Ladakh.
'When crude touches $50 a barrel, we may think about that (reduction in prices),' he told the media.
Over the last month global crude prices have fallen by around $10 per barrel to average at $61.61 per barrel.
Petroleum ministry officials said the prices needed to dip further before oil companies could consider passing on the benefits of the fall in global prices to consumers as these firms were yet to recover from the losses suffered over the last several months.
From a record high of $78.40 in July, the Indian basket of crude was $56.28 per barrel Monday.