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'India not to cut petro-products' prices, now'

The government today ruled out reduction in prices of any petroleum product as of now despite a fall in prices of crude oil in international market after the Organisation of Petroleum Exporting Countries or OPEC decided to increase production of oil from April 1.

Hailing the decision taken by the OPEC at Vienna yesterday, minister for petroleum and natural gas Ram Naik said today that India and other developing countries would benefit because their economies had been adversely affected by the rising prices of crude oil.

Naik said the average price of crude oil imported by India was likely to drop to about $ 20-25 per barrel.

This would have a favourable effect on the oil import bill as well as the oil pool deficit, he said.

UNI

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