The prices may be slashed down with immediate effect.
Reportedly, the prices would be discussed immediately after Oil Minister Dharmendra Pradhan comes back from Vietnam tour.
The current retail price of diesel in India is higher than the global rates.
The crude oil prices is settled around $97 per barrel, lowest in two-years.
Earlier on Monday, the Governor of Reserve Bank of India Raghuram Rajan advocated to slash the rates of diesel taking advantage of the global fall in crude oil price.