No immediate cut in petrol prices: Deora

The government also said a reduction may be considered once crude prices fall below 50 dollars a barrel.

The government on Wednesday ruled out any immediate cut in petrol and diesel prices in line with fall in global oil prices, but said a reduction may be considered once crude prices fall below 50 dollars a barrel.

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"It is not appropriate to cut prices. When crude touches 50 dollars a barrel, we may think about that," Petroleum Minister Murli Deora told reporters.

Deora said international prices have reduced during the last two weeks, but they need to fall further to give reprieve to consumers and oil companies.

International crude oil prices have fell below 60 dollars a barrel in recent days after touching a record high of 78.40 dollars in July.