The government on Tuesday ruled out an immediate cut in fuel prices despite declining global crude oil prices.

"You will have to wait for that," Petroleum Minister Murli Deora told reporters.

Earlier, the minister had said that government may consider a cut in fuel prices only if global crude oil prices fell below $67 per barrel.

International crude oil prices are ruling at $74 per barrel on Tuesday.

Indian Oil, Bharat Petroleum and Hindustan Petroleum are currently losing about Rs 280 crore (Rs 2.8 billion) per day on sale of petrol, diesel, domestic LPG and kerosene as government has not allowed them to align retail prices with cost of production.

Minister of State for Petroleum and Natural Gas Dinsha Patel told the Rajya Sabha in a written reply to a question that the oil firms were losing Rs 2.37 on sale of every litre of petrol, Rs 6.45 on diesel, Rs 28.07 per litre of kerosene and Rs 322.14 per LPG cylinder.

He said while petrol prices were raised by Rs 5 a litre in June, diesel by Rs 3 per litre and LPG by Rs 50 per cylinder, the actual realisation by oil firms was Rs 4.17 on every litre of petrol, Rs 2.67 on diesel and Rs 48.08 per cylinder.

From June to September, the oil firms have earned an estimated Rs 7,980 crore (Rs 79.8 billion) in additional revenues because of the price increase, he said.