While hinting that further cut in petrol and diesel prices was likely during the next revision, Petroleum Minister Ram Naik on Saturday ruled out any possibility of increase in prices of LPG and kerosene, at least in the short run.

The prices of these two items are likely to remain the same, he said, adding, "This would be in continuance of the price trend for LPG and kerosene for the last one year".   

On petrol and diesel prices, which witnessed an average lowering of Rs 3.70 per litre during the last one and half months, Naik said, "Petrol and diesel prices might come down further, depending on the price situation in the international market."

"We have to keep a close watch on how prices fluctuate in the global oil market," he added.

The appreciation in the rupee value has created a scope for further cut in retail selling price of petrol and diesel, Naik added. The next price revision is due on May 31.

On the issue of reducing subsidies for LPG and kerosene, he said, "The state-owned oil companies have to bear the burden, although efforts are being made to reduce the petroleum prices by putting thrust on developing alternative fuels like gasohol and bio-fuels."