IANS,
New Delhi : Petroleum Minister Murli Deora Thursday ruled out any reduction in fuel prices, saying this was possible only if the purchase price fell below $61 a barrel.
“We are watching the situation very carefully and hope there is further reduction, so that we can (consider a price cut),” he told reporters.
“The new break-even level is $61 a barrel and oil companies are still making losses,” Deora added.
Oil prices have further tumbled Thursday, with Brent crude going below $68 in early London trade.
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