Kolkata, Feb 14 (IANS): State-run oil companies will review fuel prices Friday and consult on a probable price hike, Indian Oil Corporation chairman R.S. Butola said Thursday.

"We have to take a view together. We will consult tomorrow (Friday)," Butola told reporters when asked to comment on a probable oil price hike.

On whether there would be a price hike Friday, he said: "We would not like to say what we will do because it is a matter of review. He have to have consultations among the companies."

Butola was speaking to newspersons on the sidelines of the inaugural session of the annual conference of Oil Industry Safety Directorate (OISD) here.

A top industry source, however, said a petrol price hike was likely Feb 15 and that could be followed by a diesel price hike.

The government partially deregulated diesel prices last month by allowing oil retailers to raise the price of subsidised diesel by up to 50 paise per litre every month.

Petrol prices were last revised Jan 18 when the price was slashed by 30 paise to Rs.67.26 per litre in Delhi.

Earlier, speaking to media, Minister of State for Petroleum and Natural Gas Lakshmi Panabaka said the decision for and the quantum of hike in petrol as well as diesel prices would be taken by the oil companies only and not by the ministry.