Deora Rules Out Fuel...

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[Union Petroleum and Natural Gas Minister Murli Deora (R) with Chairman of Mahindra &amp; Mahindra Keshub Mahindra in New Delhi. (PTI) The government on Tuesday ruled out an immediate cut in fuel prices despite declining global crude oil prices. &quot;You will have to wait for that,&quot; Petroleum Minister Murli Deora told reporters in New Delhi. Earlier, the minister had said that government may consider a cut in fuel prices only if global crude oil prices fell below $67 per barrel. In Parliament too, Finance Minister P. Chidambaram reiterated that there would be no immediate cut in fuel prices but promised to review if global crude prices fall below $67 a barrel. &quot;Our administered prices of petrol, diesel, LPG and kerosene are based on Indian basket calculated at $67 a barrel. Reduction in crude oil prices has helped but not helped to the point where we can roll back the prices,&quot; Chidambaram said in reply to a discussion on the Supplementary Demands for Grants. Chidambaram said when price comes down to $67 a barrel, then oil companies are breaking even. &quot;Even at $71 or $72 a barrel, there is an element of subsidy. There is under-recovery. Under-recovery has come down, but we are not making any profit,&quot; he said. &quot;We sincerely feel that the prices will come down. When that comes down, the government at an appropriate time will take appropriate decision.&quot; Indian Oil, Bharat Petroleum and Hindustan Petroleum are currently losing about Rs 280 crore per day on sale of petrol, diesel, domestic LPG and kerosene as government has not allowed them to align retail prices with cost of production. International crude oil prices were ruling at $74 per barrel on Tuesday. The domestic retail prices at the time of revision in prices in June were equivalent to Indian basket of crude oil of $66 per barrel. With the recent depreciation of rupee against US dollar, the current retail prices now correspond to $61 per barrel of Indian basket of crude oil, a Petroleum Ministry official said. Oil eased on Tuesday as expectations that a global recession will crush demand for oil offset thoughts that the the Organization of the Petroleum Exporting Countries (OPEC) would offer support by cutting output this week. Expectations that OPEC may only make modest output cuts this week have not been enough to sustain oil's gains. (Agencies)