It’s no fuel’s paradise!

Published: January 8, 2009 - 17:48 Updated: January 13, 2009 - 15:13

Samarth Pathak

Coming as a much needed breather for the common man, the Centre has indicated a substantive slash in the current fuel prices. The Union Minister of Petroleum, Murli Prasad Deora announced that a significant reduction in the prices of petrol and diesel is on the cards which has given the people a reason to rejoice amidst the ongoing economic meltdown.

Addressing the media on Wednesday, Deora said, "We will try to reduce the prices of petrol and diesel in the next 2-3 weeks. The extent of the price reduction cannot be revealed right now. We are also trying to lower the costs of LPG and kerosene, for the benefit of the people." The government's decision to slash the fuel prices is attributed to the shocking fall in the crude oil rates in the international market.

A price cut of similar nature had been announced in early december last year, when the rates of petrol and diesel were cut by Rs 5 per litre and Rs 2 per litre respectively. The international crude oil prices are currently at 55-60 dollars a barrel and are expected to fall in the coming months. The fuel price cut is hence in tune with the international oil rates.

The price cut would also fetch brownie points for the UPA alliance in the upcoming Lok Sabha elections. The economic slump(which has hit the markets globally) has acted like a knockout punch for the people in their fight with the rising prices. A reduction in fuel prices is hence, welcome by all.