A freeze in retail prices of petroleum products despite global volatility has resulted in four Indian state-owned oil marketing companies registering Rs.12.27 billion losses in the April-June quarter, Petroleum Minister Mani Shankar Aiyar said.

The companies are Indian Oil Corporation (IndianOil), Bharat Petroleum Corporation (BPCL) and the Hindustan Petroleum Corporation (HPCL), all of which are among India's nine major state-owned companies and also listed in the Fortune 500.

The fourth is IBP Ltd, a subsidiary of IndianOil.

"For the first time in the history of our oil Navratna companies IndiaOil, HPCL and BPCL have incurred huge losses," the minister informed the parliamentary consultative committee attached to his ministry, an official statement said Friday.

"The total net losses reported by four oil marketing PSUs was Rs.12.27 billion during the first quarter of 2005-06," Aiyar said.

With global crude price hovering around $68 per barrel, the price of Indian basket of crude has increased to $62.11 per barrel as on Aug 12 from an average monthly price of $32.37 per barrel in April 2004, the committee was informed.

Owing to pressure from the its Left alliance parties, the government is yet to take a decision on revising the prices of petroleum products like petrol, diesel, cooking gas and kerosene.

Indications are that a price hike is likely soon after the monsoon session of parliament concludes on Aug 30.