He also pointed out the government has been making periodic changes in petroleum prices depending upon international prices and "it is as good as deregulation."
Responding to a query on whether the government has dropped plans for deregulation of petroleum prices, he said, "deregulation need to have a human face."
He, however, did not eloborate.
After inaugurating International Dawoodi Bohra Trade Exhibition, Deora justified the recent increase in oil prices stating the oil companies fall under Navaratna category and that they cannot sell at a loss.
He said the government could consider to reduce the oil prices if the international oil prices fall and stabilise at that level for four to five weeks.
Deora pointed out that the government had earlier reduced the domestic prices by as much as Rs 10 per litre when there was a sharp fall in international prices.
The government has been making periodic changes in oil prices which is as good as deregulation, he said.
He said the recent budget has provided as much as Rs 30,000 crore towards subsidies for kerosene and LPG.The government has not raised kerosene prices for 10 years and indicated the fuel of the poor people would continue to be subsidised.
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks