Why oil prices are not yet reduced?

The crude oil price in global market fallen below $60 a barrel but still oil price in India doesn't have a single rupee change for which Prime Minister recent press meeting stated "There were limits to government subsidies. We have been subsidizing LPG, kerosene and diesel to a certain extent. If the prices keep going down, we will explore the possibility". At the same time, there is a news stating couple of private companies like Reliance & Essar Oil planning to reopen the suspended retail business in domestic market.

 

I guess every Indian is fooled around in the name of democracy and socialism. Though we proudly say as one of biggest democratic government we work like capitalist where the government say yes to every business mans need only. Every other middle class family's demand is clearly neglected to safe guard business people interest and runs political corrupted government through their instruction.

 

Though government repeatedly mention subsidies cost I am not sure why they are not revealing the exact cost towards it.

 

I think oil prices are not reduced for two reasons: 1) either ruling govt. thought go price cut during early 2009 and run it as election campaign 2) to safe guard pvt. co's interest from their revenue fall down.