From correspondents in Delhi, India, 07:00 PM IST

India will consider cutting fuel prices only after the rupee stabilises and the volatility in the international oil prices subsides, Petroleum Minister Murli Deora said here Wednesday.

The minister's statement came after the international prices went below $60 per barrel.

'We will review fuel prices once the rupee-dollar parity and crude oil stabilise,' he told reporters.

Besides, Deora pointed out that Prime Minister Manmohan Singh also ruled out a price cut, as the oil companies continued to suffer due to under-recoveries.

(Staff Writer, © IANS)