"There's no question (of price cut) right now. Just a few days back we slashed the prices. We can't do it every week. We thank Chidambaram for taking care of the oil ministry in the budget. We thank him," said Deora on the sidelines of a function to sign contracts with oil companies and consortia for exploration.

Under pressure from its allies, the government last month cut retail prices of petrol and diesel to contain inflation and in part pass on to consumers a fall in global oil prices.

Finance Minister Palaniappan Chidambaram announced more duty cuts on Wednesday to bring import duties closer to those of other Asian nations and help rein in prices.

India's annual inflation rate fell sharply after the cut in fuel prices. The inflation rate dip comes days after the government announced further duty cuts in its annual budget in a bid to clam prices, the latest in a series of measures.

India, which imports 70 percent of its crude oil requirements, caps retail fuel prices to contain inflation and help the poor�a policy which costs state-run retailers millions of rupees a day.

Meanwhile, the federal oil ministry on Friday signed contracts for 52 blocks with oil companies.

India offered 55 blocks in February 2006, drawing bids from Indian and overseas companies including global energy giants for oil and gas exploration rights in country's largest yet licensing round.

The successful companies include Indian explorer Oil and Natural Gas Corp. Ltd., state-run Oil India Limited, Reliance India Limited, CAIRN Energy India, Canada's GeoGlobal Resources and so on.

Deora said India could have one of the most extensive deep-sea exploration programmes.

"Exploration activity in these blocks is likely to enhance the understanding of the thrust belt of North Eastern States and Central India. NELP -VI will lead India into joining the league of nations which will have one of the most extensive deep sea exploration programme," he said.

India, Asia's third-largest oil consumer, imports 70 percent of its crude and is keen to quickly tap any remaining domestic reservoirs to help offset its growing dependence on imports.

India is seeking private investment for domestic oil exploration and encouraging local companies to bid for foreign petroleum assets to meet the growing energy demand.