'Price cuts if crude oil slips below $50/bl'

The government will consider cutting petrol and diesel prices if crude oil prices fall below $50 per barrel.

"We are keeping our pulse on the international price scenario. Certainly, we will consider a revision if prices fall further," Petroleum Secretary M S Srinivasan said today.

International oil prices have fallen to a six-month low of $53 per barrel, but public sector oil firms continue to make a loss of 22 paise per litre on petrol and Rs 1.42 per litre on diesel, he added.