Petroleum minister Murli Deora on Saturday announced that the government is likely to cut petrol rates up to Rs 5 per litre, and a reduction of Rs 3 a litre in diesel and Rs 25 per LPG cylinder prices in the coming days.
According to sources, Oil companies have minimized the losses on petrol and diesel, as crude oil rates have lowered to $40 per barrel from its peak of $147 a barrel in July previous year.