The government will review petrol and diesel prices on January 31 and a reduction is likely if international crude prices fall further.
"There will be a review on January 31. If the current average continues there will be no cut. For a price reduction to happen, prices have to fall further," Petroleum Secretary M S Srinivasan said.
International crude prices have fallen to 19-month-low this month. The Indian basket of crude oil is currently averaging around $51 a barrel and a reduction in petrol and diesel prices is possible only if crude prices slip below $50 a barrel on a sustained basis.
Earlier, Srinivasan had said that the government may reduce petrol and diesel prices if the current fall in international oil prices continues and crude declines below $50
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