The petrol and diesel price cuts made earlier this month by state-run oil marketing companies was a “one-time measure”, and the government has no intention of reversing the deregulation of the oil market, a Finance Ministry official said here on Thursday.
The official, who did not wish to be identified, said that while the country’s economic fundamentals remained strong, the current volatility in the capital markets and a persistent fall in the rupee value are being caused by external factors.
“It was a one-time measure of letting OMCs take the 1-rupee hit on oil prices. We have no intention of either rolling back deregulation of oil prices or asking oil companies to take such a hit,” he said. Read more
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