Mumbai: Union Petroleum Minister Murli Deora hinted at the possibility petroleum prices declining in the coming weeks if global crude rates went down further.
"There could be a drop in prices in coming weeks, but can not say to what level it will fall," Deora said on the sidelines of an award function by Organisation of Pharmaceutical Producers of India (OPPI).
He, however, declined to give a specific time frame for fall of prices.
Indications are, the Petroleum Minister continued, that fuel prices internationally could decline and "this will be reflected in India as well."
Further, he said if crude price declines from $57-$58 to around $50, "then it would be beneficial to the country."
Deora had said last year, there was a short recovery to the tune of Rs 72,500 crore on account of subsidies on four products - kerosene, LPG, diesel and petrol.
Earlier, Deora handed over the OPPI awards to the winners. The OPPI Scientist Award was presented to Dr Arvind Kumar Bansal from the National Institute of Pharmaceutical Education and Research (NIPER) for his outstanding work in the area of pharmaceutics.
On the occasion, OPPI announced the appointment of Dr Ajit Dangi as its new Director General, while Ranjit Shahani (Novartis India CMD) was the unanimous choice as the new President.
OPPI's executive committee for the year 2006-07 includes four vice presidents - Ranga Iyer, Managing Director of Wyeth, Dr Shailesh Ayyangar, MD of Aventis Pharma, Sanofi Aventis group, Kewal Handa, MD of Pfizer and Dr Girish Telang, MD of Roche Scientific Company India.
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