The government is likely to cut petrol price by Rs 5 a litre and diesel by Rs 3 per litre after Assembly elections in six states are completed on December 24.

Crude has fallen from all-time high of $147 per barrel to around $50 now. Naturally, there are expectations that petrol and diesel prices should be reduced and we will do that," Petroleum Minister Murli Deora told reporters in New Delhi. The prices would be cut before December-end.

The government had in June raised petrol price by Rs 5 a litre, diesel by Rs 3 per litre and domestic LPG by Rs 50 per cylinder as crude oil prices had climbed to record highs. The hike is now expected to be rolled back. "We have to reduce prices but it will happen after assembly elections," he said.

As a result of fall in the international oil prices, state-run Indian Oil , Bharat Petroleum and Hindustan Petroleum started making profit on sale of petrol from November 1 and on diesel from November 15.

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