Saturday, January 15 2005 19:37 Hrs (IST) - World Time -

New Delhi: Petrol and diesel prices will not be changed this fortnight with Petroleum Minister Mani Shankar Aiyar indicating a change in policy replacing the present practice of fortnightly revisions.

"We are not changing prices today," he told reporters on sidelines of inauguration of Petrotech 2005 exhibition in New Delhi.

Today (Jan 15, 2005) was the due date for revision in petrol and diesel prices as per the present practice of fixing prices on 1st and 16th of every month in line with international trends.

Asked if the fortnightly price revision would be scrapped as petrol and diesel prices have remained unchanged for two months now, Aiyar said, "When was the fortnightly revision followed in principle. There was no such thing."

He said a new auto fuel pricing policy was on the anvil. "It is a political decision and Prime Minister after due consultations would announce it at an appropriate time."

Refusing to elaborate, Aiyar only said the policy could be out "anytime now."

Prime Minister Manmohan Singh is to address the Petrotech 2005 conference tomorrow and his speech may contain indications about the policy.

This is the fourth fortnight in a row that the prices have not been changed.

Petrol prices were last revised on November 15, 2004 when they were lowered by Rs 1.16 per litre while diesel prices were changed on October 31.