"International fuel prices have fallen in the past fortnight. Petrol, having being linked with import parity prices, may see a cut of 40 paise per litre," a senior oil company official said on Monday.

Diesel prices, if aligned with international prices, may be cut by Re 0.05 to 0.10 per litre in line with global trends.

However, Petroleum Minister Mani Shankar Aiyar was non-committal on the issue. "Let us wait and see," Aiyar said in reply to whether the present practice of fortnightly revision in petrol and diesel prices will be followed at the next due date on November 30 and prices altered in line with international fuel price movements.

Aiyar said petrol prices were revised downward on November 15 as a result of their being aligned with the international prices. "With international prices falling, petrol prices were also lowered."

However, diesel prices were not aligned with global prices and, therefore, there was no change in them.

He did not say if this anomaly would be addressed on November 30, the next due date for revision in petrol and diesel prices, according to the current formula of fortnightly fixing of prices.