The union government is likely to announce slash in prices of petroleum products after ongoing assembly elections in six states. It is pointed out by Petroleum and Natural Gas Minister Murli Deora on Tuesday. He was here in the capital to attend the India-CIS Roundtable on hydrocarbons. He said that revision is possible only after last phase of assembly elections on December 24 due to election code of conduct. However, he declined to disclose quantum of price cut by the union government.

Global prices of crude oil are currently all time low at around $50 from highest mark of $147 a barrel before a month. Many political parties and industries are demanding immediate fuel price cut in a line with falling international prices of crude oil.

Meanwhile, Petroleum Secretary R.S. Pandey said that the ministry has sent a proposal of price cut and subsidy issue to the Cabinet Committee on Economic Affairs (CCEA). He said that oil marketing companies are earning profit from the sales of petrol and diesel but still suffering losses on LPG and kerosene oil due to high subsidies. OMCs suffered a net loss of over Rs.14,000 crore in the first-half of the current fiscal and likely to suffer loss of on fuel sales in future also.