New Delhi: Petroleum Minister Ram Naik on April 9 hinted at reduction in prices of petrol and diesel in step with the fall in international oil prices, at the next fortnightly review due on April 15.

"After the outbreak of war in Iraq, crude prices have fallen substantially, largely due to end of uncertainty. Oil companies will take into account these changes and I am sure they will make consumers happy," said Naik. He however, did not say how much will the prices of petrol and diesel be reduced.

"Though the decline started immediately after the war stated on March 20, the oil companies did not revise the price of petrol and diesel in April, as the situation was still volatile, he said adding prices have not stabilised and the fall in prices would be passed on to the consumers.

Petrol prices have risen by over 26 per cent during 2002-03, from Rs 2.54 a litre (in Delhi) on April 1,2002 to Rs 33.49 per litre currently. Diesel prices have also shoot up by around 33 per cent.

Naik said the Indian basket of crude had averaged $ 27 a barrel in the second fortnight of March and in the subsequent fortnight it fell to $ 25.09 per barrel, necessitating a reduction.

PTI