Petroleum Minister S Jaipal Reddy on Thursday hinted that the government will not rush into raising retail fuel prices just yet. Speaking to reporters outside Parliament, Mr Reddy said depreciation of rupee has naturally created unprecedented problems.

He said international market is volatile, both in regard to the price of oil and in regard to the position of rupee. He, however, said no meeting of a high-powered ministerial panel has been called for to decide on revising rates.