New Delhi: Petroleum Minister Murli Deora today said the government would wait for international crude prices to stabilise before announcing any cuts in domestic petrol and diesel prices.

"We cannot take a decision on the basis of international crude price falling below 50 dollars for a day or two.We will have to wait for the stabilisation of crude prices before taking any decision to reduce petrol and diesel prices," he said on the sidelines of Petrotech conference today.

"Government will take decision about cut in prices at the appropriate time," Deora said, adding he would meet Finance Minister P Chidambaram next week to seek cut in excise duty on oil products.

Deora had earlier said the Government would review prices if global crude prices slip below 50 dollars per barrel.

He also said under-recovery of state-run oil marketing companies was likely to remain at about Rs 50,000 crore this fiscal as against about Rs 72,000 crore during previous year.

The Indian crude basket slipped below 50 dollars per barrel at 49.85 dollars yesterday - raising hopes that the government could soon review domestic oil prices.

Speaking at the conference, Minister of State for Finance Pawan Kumar Bansal said government would continue to provide subsidy on fuel, especially kerosene.

"Government will continue fuel subsidy considering that 10 per cent of rural population is living below Rs 9 a day and 30 per cent of urban population living at Rs 19 a day," Bansal said.