Minister M Veerappa Moily hints at reducing fuel price

Union minister for petroleum and natural gas M Veerappa Moily on Wednesday said retail prices of petroleum products would come down shortly, but declined from disclosing the quantum of the price cut and the date from which the cut would be effective.

The minister was interacting with media persons after announcing the government’s plan to set up Mokshagundam Visvesvaraya Centre for Training Master Trainers in Skills Development, near Angatti village, Chikkaballapur taluk.

“The people will get a relief shortly. Don’t ask me about the date of price cut,’’ Moily said in reply to a question.

Moily’s talk of relief to petrol consumers comes in the background of the forthcoming elections to five state assemblies within a few months. Other factors include the halt in the slide of the rupee against the dollar, the averting of US action against Syria, and the creeping thaw in the relations between the US and Iran, which have seen slight decline of international crude prices.

The minister also indicated that India would source more crude oil from countries like Iraq and Venezuela. “Plenty of crude oil is available in Venezuela. Venezuelean minister Rafael Ramirez was in Delhi on Tuesday. A team of officials and private sector players would visit Venezuela on October 7. I will visit Venezuela later to finalise the deal.”

The minister, however, did not rule out the possibility of an electoral alliance between the Congress and the YSR Congress of YS Jaganmohan Reddy.