Petroleum Minister Ram Naik hinted on Wednesday that prices of petrol and diesel may be cut further at the fortnightly review on Thursday, in tune with the global softening of crude prices.

Speaking to reporters in New Delhi, Naik said this would be the third time in two months that the state-owned oil firms would be cutting prices. Last month, the the oil companies had twice cut petrol and diesel prices by one rupee each.

The international crude prices were on a decline since the war in Iraq started. The Indian basket of crude, which had averaged $28.80 a barrel in March, slumped to $24.21 a barrel in April.

Naik, however, did not state the extent of the price cut. "It will be decided by the oil companies," he said.

Petrol is currently being sold at Rs 31.49 a litre in Delhi and diesel is priced at Rs 20.12 per litre.

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