Union Petroleum and Natural Gas Minister Mr. Murli Deora ruled out the possibility of hike in petroleum prices in the near future despite rising trend in the crude prices in the international market.

The minister, speaking on the sidelines of a conference in Mumbai, added, "There's no need to talk about revision just now. Let price stabilize first."

The Central government, amid stiff opposition by political parties, had revised crude rates in July, hiking Petrol and Diesel prices by Rs 4 per liter and Rs 2 per liter, respectively. Experts believe that hike in petroleum prices is not easy for the government, going to seek public mandate in the forthcoming Assembly Election in the states of Haryana and Maharashtra.

Crude prices, amid hopes of early recovery in the global market, are currently floating at a 10-month high of $74 in the international market and public sector oil companies have started to pressurize government to hike petroleum products prices for covering their losses.

 Crude oil delivery for October was committed at 74.25 a barrel by 03.59 GMT in USA with an increase of 6 per cent.