Petrol and diesel prices will not be changed this fortnight, said a communiqué on Tuesday.

"Oil companies have decided not to change prices," an Indian Oil Corporation official said.

Petrol prices were expected to be slashed by Rs 0.49 per litre in tune with the fall in international prices. But oil companies decided not to lower prices in order to recoup the losses they suffered on selling diesel below the cost.

Tuesday was the scheduled day for revision in petrol and diesel prices as per the mechanism to change petrol and diesel prices fortnightly.

Contrary to reports on Monday that petrol may become cheaper by Re 0. 40 per litre from December 1, following a fall in international oil prices, the government has not effected any cut in fuel prices.

International fuel prices have fallen in the past fortnight, and since petrol is linked with import parity prices, there was talk that it may see a cut of 40 paise per litre.

Diesel prices too were expected to be cut by Re 0.05 to 0.10 per litre in line with global trends, but that did not come about either.