New Delhi: The government would announce on June 3 its decision on revision of prices of petrol and diesel in the wake of changes in international crude prices in the last two to three months, Petroleum Minister Ram Naik said on June 1.

"We will announce the decision on revision of prices on Monday," Naik said after a lengthy meeting with Finance Minister Yashwant Sinha.

Sinha told reporters "we have reached a consensus on some adjustment in excise duty and some increase in prices. This might take place on Monday".

Following the dismantling of Administered Pricing Mechanism (APM) coinciding with the surge in international crude prices, Naik had said in March that it would be the desire of the government that national oil companies should wait for at least three months before passing on any burden to the consumers.

Naik on June 1 said that Sinha had agreed to give some excise concession on both petrol and diesel, a move that would help mitigate the price hike that the oil companies might resort to for off-setting the impact of international crude price hike, which have gone up by about $ 5 a barrel.

Earlier on June 1, Naik had met Prime Minister Atal Behari Vajpayee to apprise him of the developments in the oil market including that on the price front and said that government might make an announcement on price revision by the evening of June 1.

PTI