No immediate cut in diesel price: Deora

The government has no immediate plans to reduce diesel prices even though global oil prices are at record low levels, Petroleum Minister Murli Deora said in New Delhi.

The government has no immediate plans to reduce diesel prices even though global oil prices are at record low levels, Petroleum Minister Murli Deora said in New Delhi today.

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"As of now, there is no plan to cut prices. We have not yet decided on this," Deora told reporters.

But, he did not rule out a price review at a later date.

There had been speculation that the government would slash the diesel price further as a pre-poll gift before the election commission announced the general election date.

The country's three state-run oil marketing firms - Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp - make profit only on diesel among the four products they distribute.

The companies earn a profit of Rs.360 million (Rs.36 crore) daily from diesel sales.