Petroleum Minister S.Jaipal Reddy said on Tuesday that if global crude oil prices continue to slip further, petrol price would be lowered.Petrol prices have been de-regulated and now oil-marketing companies price the fuel on the retail level according to global movement of crude.This has led to sharp increases in the petrol prices.Other fuels like diesel, kerosene and cooking gas are still under government control.The petroleum ministry had hiked prices of fuel in June as global crude oil prices shot up.
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