There is unlikely to be a hike in prices of fuels any soon, Petroleum Minister Murli Deora indicated after talks with Finance Minister Pranab Mukherjee on Sunday.
"No decision has been taken," Deora told reporters after the meeting.
The Union Cabinet earlier this week had not taken up the recommendations of the Kirit Parikh Committee, which had suggested an increase in the price of diesel and petrol.
The committee had said that the government should free the pricing regime of petrol and diesel, and suggested a sharp rise in that of cooking gas and kerosene.
Not only was there criticism from the opposition, but also allies like the DMK and the Trinamool Congress had opposed any upward revision of fuel prices.
Petroleum Secretary S.Sundaresan said that the two ministers discussed the under-recoveries of the state-run oil marketing companies in their hour-long meeting.
"The meeting was about under-recoveries (revenue losses) of oil marketing companies and their Kirit Parikh report. No decision has been taken," he said.
The oil companies are set to lose over Rs.45,000 crore this fiscal due to the subsidised sale of petrol, diesel, kerosene and cooking gas.