"Petrol prices will be dealt with independently by our ministry. Before we instruct the oil companies, we have to take all matters into consideration," he said. He however, said that petrol prices will remain deregulated.

Petroleum and Natural Gas Minister Jaipal Reddy said on Friday in New Delhi that petrol price need to be reviewed "Prices of all petroleum prices need to be looked at again. However, we are living in a real world, so for those decisions I will have to go to the group of empowered ministers. I can’t say anything without meeting the ministers," said Reddy.

"Petrol prices will be dealt with independently by our ministry. Before we instruct the oil companies, we have to take all matters into consideration," he said. He however, said that petrol prices will remain deregulated.  "We are not contemplating regulation of petrol. Petrol continues to be deregulated. There has been some kind of discontinuation of deregulation but we will have to go back to deregulation," he said. He also said that India will continue to import oil from Iran.

"Our companies need oil from Iran and we will continue to import oil from the country," he said. Petrol price has seen hike five times since Jan 2011. The price in Jan 2011 was hiked by Rs 2.5 per litre. In May it saw a hike of Rs 5 per litre. In June 2011 it increased by Rs 0.33 per litre, while in September it was hiked to Rs 3.14 per litre. November saw a hike of Rs 1.8 per litre.