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16.11.04, 10:17
Govt cuts petrol prices as global market slips
NEW DELHI (Reuters) - State-run Indian oil companies cut retail prices of
petrol by nearly three percent on Monday following a drop in international
prices, but they left diesel and cooking gas unchanged.
A spokesman for Indian Oil Corp said the petrol price cuts would take effect
from midnight on Monday.
Earlier this month, the government raised retail prices of petrol, diesel and
cooking gas to align them with global trends prevailing at that time, a move
analysts said could stoke inflation in Asia's fourth largest economy.
But it did not change the price of kerosene, used as a fuel by millions of
poor, because of pressure from its key communist allies.
Global oil prices fell on Monday to an 8-week low under $47 a barrel, as
growing fuel stocks in the United States eased fears of a winter supply
crunch.
A rebound in crude stocks in the United States, the world's largest energy
market, has brought oil prices down from a peak of $55.67 reached on October
25.
The communists have been demanding the government roll back or reduce the
increases in domestic diesel, petrol and cooking gas prices.
The IOC spokesman said international prices had warranted an increase in
diesel, but it had been left unchanged in the interests of consumers.
Retail prices of petrol and diesel had not been increased since the beginning
of August despite soaring crude oil prices.
The state-run oil firms, which control almost 99 percent of India's 20,000
gas stations, suffered a revenue loss of 100 billion rupees in April-
September, the first half of fiscal 2004/05.
The government had not allowed oil firms to raise prices for three months in
a bid to control inflation, which touched a 3-1/2 year high of 8.3 percent in
August.
India's crude oil imports rose 12.4 percent to 49.97 million tonnes, or about
2 million bpd, in the first half of 2004/05, government data showed.
