Petroleum Minister Murli Deora on Tuesday ruled out any cut in the domestic fuel prices saying that unless global crude prices come down to the level of $67 per barrel, a reduction in petrol, diesel and LPG rates should not be expected.

"Per barrel reduction in global price is a myth and it does not mean the fuel prices have gone down as the Union government is still matching the losses incurred to the tune of Rs 168 lakh crore (Rs 168 trillion) by oil marketing companies," Deora told reporters after a high-level meeting with heads of OMCs in Jaipur.

Meanwhile, global crude oil prices on Tuesday fell $10.52 at $96.37 per barrel in New York's main contract for November delivery.

"The financial position of OMCs continues to be a matter of concern for us. Though crude oil prices have softened recently, oil marketing companies like IOC and HPCL [Get Quote] continue to bleed," Deora said.

"Indian consumers even today are enjoying retail selling prices of auto fuels and LPG pegged at global crude oil price levels of $67 per barrel."

The government is still giving a heavy subsidy on petrol, diesel, kerosene and LPG at Rs 10, Rs 12 and Rs 30 per litre and Rs 300 per cylinder respectively, he said.

"Oil companies would be battered if prices are slashed now," he categorically said.

Every effort was made to insulate the common man from the volatility of global crude oil prices, and this was ensured by not passing on all increased cost to ultimate customers, he said.

India was not self-sufficient in crude oil production and is importing about 75 per cent (about 121 million tonnes) from various countries, he said, adding the new oil discoveries are rare.

However in the gas production, India could be self-sufficient in 5 to 6 years, Deora said.