"A stable pricing system should be there... we will try and evolve a system to deal with prices (of petroleum products) once the international prices stabilise," Singh said.

As per the current practice, petrol and diesel prices are fixed on the 1st and 16th of every month based on the average of international prices in the preceding fortnight. This has led to wide fluctuation in the prices of the two auto fuels.

"International prices are going up and down. If international prices change, we have to act accordingly as bulk of our crude oil (requirement) is imported," Singh said.

Though the UPA government has maintained tight control on petroleum product prices since it took over six months ago, the volatile international crude prices have forced the Centre to sharply raise petrol and diesel prices thrice and domestic cooking gas LPG price on two occasions.

Petroleum Ministry officials said on the cards is a new system of fixing product prices every three months, which would ensure that wide fluctuations in international prices are averaged out and consumers are not subjected to frequent price revision.