Petroleum Minister Murli Deora on Friday 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 (Rs 4 billion) per day on sale of petrol, diesel, domestic LPG and kerosene.