NEW DELHI: A day after oil companies skipped petrol and diesel amendments, Petroleum Minister David Dalla Pradhan today said state-owned companies will take “appropriate” steps despite the sharp fall in global oil prices.

With global interest rates falling by about 4 percent, the state-owned fuel retailers were expected to revise rates every two weeks, announcing price cuts for petrol and diesel yesterday. But they skipped the revisions.

When the government skipped the first two rate revisions, it failed to pass on the benefits of falling global oil prices to other countries by increasing excise duty to absorb the extra revenue. Pradhan said, “This (reduction in gasoline and diesel prices) is not in our hands.” He was referring to the fact that both fuels are deregulated commodities with prices determined by oil companies.

Speaking at the 13th “Oil companies will take whatever steps they deem fit,” he said at the Indian Energy Forum and ORFF-organized Indian Oil Conference

The fall in international oil prices led to a fall of Rs 3-4 per liter, which was partly offset by the fall in the rupee against the dollar.

B Ashok, chairman of Indian Oil, India’s largest fuel retailer, said, “We have been tracking this (fall in crude oil prices). We need to (price adjustments) at the right time.”

The fall in global oil prices is good for both consumers and oil. It means inventory losses of over Rs 120 billion.

The crude oil that is currently being processed by refineries was purchased six to eight weeks ago when it was priced higher than the current price. By the time it is processed and sold, its market value has fallen, leading to inventory losses.

“The significant drop in crude oil prices has had a major impact on our inventory. This is crude oil that we were paying a higher price for. Now we are processing and shipping crude at lower prices. On this basis, we decided “I think we are doing the right thing,” Ashok said/p Earlier this month, the government increased excise duty on petrol and diesel by 2 liters per Rs. Rs. benefited from the fall in global oil prices. Oil prices.

This is the third increase in GST since 2014 11 Since this month, the government has amassed a revenue of around Rs 16,000 crore for the current fiscal.

Prior to this, the government increased GST on both products by Rs 1.50 per liter starting from November 12 From day 2 from December Petrol and Re will be increased by Rs 2.255 per liter starting from day 1 from diesel.

With the increase in supply, global crude oil prices have fallen by nearly 50 percent since June 2014, the biggest drop since the 2008 financial crisis. The price of oil is around $46 per barrel.

Officials said international oil companies, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) suffered an agonizing Rs 530 crore inventory loss in the month of April-September, followed by a “two-to three-fold” increase in prices.

December 16 daily, gasoline and diesel prices were reduced by two times per liter Rs. This is the eighth consecutive reduction in petrol prices since August and the fourth reduction in diesel prices since October.

Petrol prices in Delhi today touched a 44 one-month low of Rs 61.33 per liter. Petrol price is at its lowest level since July 2013 at Rs 50.51 per liter.

Since August, petrol prices have been reduced by Rs 12.27 per liter and diesel prices have been reduced by Rs 8.46 per liter four times.

Crude oil prices stood at $115 per barrel in June.