The Hindu Business Line : `Further cut in petrol, diesel prices likely'

THE Union Minister for Petroleum and Natural Gas, Mr Ram Naik, on Wednesday indicated that the Indian oil companies might effect further cut in oil prices if the international crude prices continued their southward journey.

"The oil companies are watching the international crude market closely. If the (international) prices dropped to a level of $22 to $20 per barrel, there could be a further reduction in petrol and diesel prices in India," he told presspersons.

The Minister, who was in Mumbai to discuss the issue of Mahanagar Gas Ltd with the Maharashtra Chief Minister, Mr Sushil Kumar Shinde, said the latter had agreed to allow MGL to resume laying of gas pipelines in Mumbai.

The State Government, which holds a 0.5 per cent stake in the gas company, had earlier stopped MGL's pipeline laying operations following the fire in the company's gas pipeline at Andheri.

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