"I don't see the need to raise prices if international crude prices remained around $70 to $75 a barrel," said Govinda Rao, a member of the panel, on the sidelines of the release of the Economic Outlook for 2009-10.
"We expect global crude oil prices around $70 to $75 per barrel. If prices go beyond it consistently, then the numbers will have to change," Rao said.
Global oil price has now hit a one-year high of $79 a barrel.
In August, the government hiked prices of petrol and diesel by Rs.4 per litre and Rs.2 per litre respectively.
However, the government did not touch cooking gas and kerosene prices. The subsidy on kerosene is currently Rs.15.26 a litre and for cooking gas, it is Rs.92.96 per cylinder.