Petroleum Minister, Murli Deora has welcomed the fall in the oil prices is welcomed, reports CNBC-TV18. “We are watching the situation very carefully and we hope very soon the day will come when the prices will go down further and we can do something on that.”

Deora believes that although the crude prices are inching lower, price cut is not in the order yet, because of the depreciating rupee. He said the parity of the rupee has gone down almost 10-11%.

Continued concerns about the deepening economic slowdown and that it will cut into already faltering demand, brought down crude prices by more than USD 4 to a 13-month low, earlier in the day.

Crude fell as downward revision has been done from International Energy Agency (IEA), Energy Information Administration (EIA) and and Organization of the Petroleum Exporting Countries (OPEC), which shows that demand is actually on declining side, while the cost of production also seems to be going down.