New Delhi, Sep 1 (IANS) With the Indian basket of crude oil imported in August averaging $70.84 per barrel, petroleum ministry officials Friday ruled out any plans for raising the prices of petrol and diesel as was expected.

In a decision taken in June, the government had indicated that if the monthly average of the Indian basket of crude breached $70 per barrel the state-run oil marketing companies would be free to raise the prices.

The review of the situation was expected Friday.

"But currently there does not seem to be such a pressure as the price of the Indian crude basket has come down from the level of $75.30 per barrel on Aug 8 to $66.61 per barrel on Aug 31," a ministry official said.

Petroleum Minister Murli Deora has been maintaining that despite the under-recoveries and losses of the oil marketing firms there is no immediate plan to hike the retail prices of petroleum products.