Retail fuel prices are likely to be cut in the next 10 days, but the quantum of reduction would be decided after consultations with the finance ministry, minister of state for petroleum Dinsha Patel said on Monday.

"We have to reduce the prices and we will do it. It will happen in 10 days as some consultations with finance ministry are needed.

Middle-class and farmers have to be given relief. . . how much is to be decided at the appropriate level of the Cabinet," he told reporters on the sidelines of the Petrotech conference in New Delhi.

Petrol and diesel prices were cut only in December by Rs 5 a litre and Rs 2 per litre, respectively, as global crude prices fell to four-year lows.

International oil prices have been hovering at that level for a while and have prompted the government to think of another round of price reduction.

"We will do it as early as possible. We will give maximum relief to farmers and middle-class," Patel said.

Petroleum minister Murli Deora had said in Mumbai on Saturday that petrol, diesel and LPG (cooking gas) prices could be reduced by Rs 5 a litre, Rs 3 a litre and Rs 25 a cylinder, respectively.