India's new Oil Minister, Mani Shankar Aiyar, has ruled out any gasoline or diesel price increases until his ministry has had a chance to see what effect the new OPEC ceiling will have on the international market.

Speaking to reporters Aiyar said, "It is encouraging for India that OPEC seems to be serious about moderation and stabilisation in international oil prices. Between the third of June and the scheduled date of fortnightly revision of oil prices on June 15, we have enough time to evaluate how the international markets will react to the OPEC decision."

"For the next couple of days, the oil ministry will closely monitor the international oil markets. Any revision in the domestic gasoline and diesel prices [afterwards] will be done only after discussions with the country's prime minister and finance minister," added the Minister.

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