The government has decided to avoid the fuel price revision according to the fuel pricing formula introduced some time back. The government promised a price revision every fortnight depending on global prices.
If there is a fuel price revision, the prices will plunge in terms of the global conditions.
The price of a barrel of crude oil stood at a low level in the international oil market. However, the benefit of the reduction has not been passed on to the consumer.
The price of a barrel of WTI crude oil was fixed at 88.42 US dollars this morning, while a barrel of Brent crude oil stood at 93.01 US dollars.
According to the energy minister, the fortnightly price revision was supposed to happen last night, but it did not take place as expected.
There was no specific explanation from the ministry in this regard.
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