He did not rule out a subsequent global depository receipts (GDR) issue, though, adding, ``I cannot walk into the market like a blind man, we are waiting for a slight improvement in the (GDR) market.'' The minister reiterated that the Centre would "not go back on (its) disinvestment plan".

The Centre has, meanwhile, received requests from private-sector oil refiners, like Essar Oil and Reliance Petroleum, for permission to set up pipeline networks that were independent of Petronet India. Ramamurthy said a regulatory body might be formed to monitor the development of a pipeline infrastructure for the oil industry.

Action plan for augmenting oil stocks:

The minister alsoannounced that the Centre had initiated a plan for augmenting the country's capacity for storing crude oil and petroleum products, to international levels. ``Currently the oil industry maintains a mandatory inventory for crude oil and petroleum products, which ensures security in the unlikely event of any major supply disruption.'' Engineers India is working on a comprehensive plan to augment tankage facilities, which would, for a start, enhance the country's oil-stocking capacity so that it was equal to 21 days's consumption. Worldwide, oil inventory is usually equal to at least 45 days' consumption.

European governments maintain oil stocks for 22 days, while the petroleum industry keeps an inventory of 64 days, taking the total tally to 86 days.

North America has a capacity to store petroleum products equal to 80 days' consumption.

Ramamurthy said storage tankers and underground storage facilities would be built along the east coast over the next three years to augment the country's holding capacity,so that it was equal to 21 days' consumption. "We have a floating tankage,'' he said.

The petroleum minister, who had hinted at a decline in diesel prices in Chennai recently, hedged a direct question, saying that the price had been pegged down thrice since the partial decontrol beginning April this year. "Diesel prices will remain (where they are) for now," he said.