A Monte Carlo study of identified particle ratio fluctuations at LHC energies is carried out in the framework of HIJING model using the fluctuation variable
ν
dyn
. The simulated events for Pb-Pb collisions at
s
N
N
=
2.76
and 5.02 TeV and Xe-Xe collisions at
s
N
N
=
5.44
TeV
are analyzed. From this study, it is observed that the values of
π
,
K
,
p
,
K
, and
π
,
p
follow the similar trends of energy dependence as observed in the most central collision data by NA49, STAR, and ALICE experiments. It is also observed that
ν
dyn
for all the three combinations of particles for semicentral and central collisions, the model predicted values of
ν
dyn
A
,
B
for Pb-Pb collisions at
s
N
N
=
2.76
TeV
agree fairly well with those observed in the ALICE experiment. For peripheral collisions, however, the model predicted values of
ν
dyn
π
,
K
are somewhat smaller, whereas for
p
,
K
and
π
,
p
it predicts larger values as compared to the corresponding experimental values. The possible reasons for the observed differences are discussed. The
ν
dyn
values scaled with charged particle density when plotted against
N
part
exhibit a flat behaviour, as expected from the independent particle emission sources. For
p
,
K
and
π
,
p
combinations, a departure from the flat trend is, however, observed in central collisions in the case of low
p
T
window when the effect of jet quenching or resonances is considered. Furthermore, the study of
ν
dyn
A
,
B
dependence on particle density for various collision systems (including proton-proton collisions) suggests that at LHC energies
ν
dyn
values for a given particle pair are simply a function of charged particle density, irrespective of system size, beam energy, and collision centrality.