The government plans to cut retail prices of petrol, diesel and cooking gas after state elections, Petroleum Minister Murli Deora said on Tuesday.
Oil prices have fallen and we welcome that, he said adding that something has to be considered but only after the elections are over.
Global crude oil prices have declined 63 per cent since reaching a record $147.27 a barrel in New York on July 11.
Based on the average international oil prices in the first fortnight of November, state-run oil marketing companies are earning a margin of Rs 16 crore per day on the sale of petrol and Rs 5 crore a day on diesel.
However, they continue to lose Rs 22.40 a litre on kerosene sold through ration shops and Rs 343.49 per cylinder on domestic LPG.