New Delhi: Petrol and diesel prices are likely to be cut for the second time in two months and the formal announcement could be made after a Cabinet meeting on Wednesday.
"In the evening there is a Cabinet meting and if there is any decision we will let you know," Petroleum Minister Murli Deora told reporters after meeting Pranab Mukherjee.
The govt has been considering a Rs 4 cut in petrol and a Rs-1 cut in diesel prices. In December, petrol prices had been cut by Rs 5 and diesel by Rs 2.
Petroleum minister Murli Deora says the cabinet will disclose their decision on fuel prices in the evening.
Earlier, Deora had met Pranab Mukherjee, who has been given the finance portfolio, which is handled by Prime Minister Manmohan Singh, currently recuperating after a heart surgery.
It is believed retail prices may be reduced by margins similar to that made in December.
Global fuel prices reached $147 per barrel in mid-2008 before tumbling to as low as $33.
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