"At present, there is no proposal to free petrol and diesel price in the country," Prasada said in a written reply to a question in parliament.
The government sets prices at which retail fuels can be sold, and partially compensates state-run oil firms for the lost revenue.
Earlier this month, the government increased retail fuel prices by as much as 10 percent.
Oil marketing firms were projected to suffer revenue loss of 492.7 billion ($10.2 billion) in the fiscal year to March 2010 on sales of petrol, diesel, kerosene and cooking gas, the minister said in a written reply to a separate question.
The government was closely monitoring international oil prices and would make appropriate pricing decisions to protect the interests of the common man, particularly the vulnerable sections of society, he said, without elaborating further.