"We have talked to Prime Minister, in coming days we are trying to reduce the prices of petrol, diesel and LPG...give us 10-15 days," Deora told reporters in Mumbai.
"According to me the advisable reduction would be Rs 5 per litre for petrol, Rs 3 per litre for diesel and Rs 25 on LPG cylinder," he said when asked about the extent of reduction in prices.
Oil companies have minimised the losses on petrol and diesel, as crude oil prices have lowered to $40 per barrel from its peak of $147 a barrel in July last year.
"From this quarter onwards, we expect the oil marketing companies to start making profits. But, if the crude oil price rises beyond 40 dollar per barrel, then it (profit) will not happen," Deora added.
Speaking about the prices of kerosene, he said that the kerosene prices are already as low as Rs 9 per liter.
OneIndia News (With inputs from Agencies)