New Delhi: Several Members of Parliament have opposed privatisation of public sector oil firms like Indian Oil Corporation (IOC) and have asked the government not to seek a review of the Supreme Court verdict halting privatisation of Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd, (BPCL), Petroleum Minister Ram Naik said on October 13.

Members of Parliament at the consultative committee meeting of the Ministry of Petroleum and Natural Gas wanted the oil sector to remain under state control as it had strategic importance.

"About disinvestment (in oil sector), members expressed concern and wanted the Supreme Court verdict to be honoured," Naik told reporters after the meeting.

The MPs voiced their opposition to privatisation of oil sector on the day the government asked the apex court to reconsider its judgement that said Parliamentary approval was necessary for privatisation of HPCL and BPCL.

Naik said most of the 28 MPs who attended the meeting voiced serious reservations on privatisation of public sector oil companies.

"They said IOC should not be disinvested."

The Cabinet Committee on Disinvestment (CCD) had earlier this month decided to explore options selling a part of IOC.

MPs concurred with IOC's view that India's sole Fortune 500 firm would bleed to death if its 8,000 petrol pumps are sold off.

PTI

Govt seeks review of SC ruling on HPCL, BPCL