The National Democratic Alliance, the CPI (M) and the BSP staged a walkout from Parliament due to the declaration by the Union Minister for Petroleum and Natural Gas, Murli Deora that the government shall take a week before deciding the future of fuel prices.

The Minister also stated that keeping in mind the depreciation of the rupee, an appropriate decision shall be taken.

The international Crude prices fell by more than 50 % from a high of $147 a barrel in July 2008 due to the international economic crunch resulting in reduced demand from US and other western countries.

The minister further explaining the Governments stand said that an emergency meeting of the Organization of Petroleum Exporting Countries (OPEC) minister will be held in Vienna on Friday. Deora said, "OPEC countries are going to make an announcement about the future course of action and then we will take necessary action."

The US dollar was at Rs 49 from compared to Rs 40 few months back, which meant a depreciation of rupee by 24-25 percent. The decision of the OPEC countries which produce more than 40% of the world's oil is crucial and it is believed the prices will be anywhere between $70 and $90 a barrel hence affecting prices in India and other countries.