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"We are looking at reducing prices of petrol, diesel and LPG. We are trying. There is a possibility. I cannot give you any time frame," Deora told reporters.
India cut gasoline prices by 10 per cent and diesel by 6 per cent in the first week of December, when it also announced other measures to lift wobbly markets in a slowing economy.
The likely cut in fuel prices, ahead of general elections due by May, will further reduce inflation, which has already fallen to a near 10-month low of 6.6 per cent.
Analysts say low inflation may fuel further cuts in central bank interest rates to help India's $1 trillion economy, which is expected to grow about 7 per cent in 2008/09, slowing from a blistering 9 per cent in each of the previous three years.
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Is this Petroleum Minister obliging Indian people of helping Oil Companies to get richer and give handsome dividend to Government of India? Dear sir, be rationale and accountable to the public. I think next Satyam-Like balance sheet is going to be prepared. Now Prices should be Rs.25/- per liter for petrol and Rs. 15/- for diesel.