Petroleum Minister Murli Deora on Monday ruled out any immediate cut in fuel prices, saying international prices will have to fall further to trigger a retail price reduction.
"Oil companies are still losing money. Please pray that prices come down further so that we can consider reducing fuel prices," Deora told reporters.
Fuel retailers are currently losing about Rs 400 crore per day on sale of petrol, diesel, domestic LPG and kerosene.