New Delhi, Oct 21 : The Prime Minister's economy advisory panel Wednesday said there was no need to hike fuel prices if global prices remained between $70 and $75 (Rs. 3,150-Rs. 3,375) a barrel, equal to 159 litres.

"I don't see the need to raise prices if international crude prices remained around $70 to $75 a barrel," said Govinda Rao, a member of the panel, on the sidelines of the release of the Economic Outlook for 2009-10.

"We expect global crude oil prices around $70 to $75 per barrel. If prices go beyond it consistently, then the numbers will have to change," Rao said.

Global oil price has now hit a one-year high of $79 a barrel.

In August, the government hiked prices of petrol and diesel by Rs. 4 per litre and Rs. 2 per litre respectively.

However, the government did not touch cooking gas and kerosene prices. The subsidy on kerosene is currently Rs. 15.26 a litre and for cooking gas, it is Rs. 92.96 per cylinder.