India to cut duties on oil products

NEW DELHI, Jan. 25 (UPI) -- India says it is planning cuts to duties on petroleum products and an increase in fuel prices to compensate state-run oil firms.

Petroleum Secretary M.S. Srinivasan said government-controlled oil companies were reeling under millions of dollars in losses. He said a decision on raising administered retail prices for petrol and diesel was unlikely before next month as a group of ministers that is expected to decide on the issue has not met yet.

He said the cut in duties would help retail consumers and oil firms, which are selling fuel below cost.

India's state-run oil companies say they have suffered huge losses for selling petroleum products below cost.

Srinivasan said the meeting of the group of ministers was expected to take place early next month.