Several members of Parliament have opposed privatisation of public sector oil firms like the Indian Oil Corporation and have asked the government not to seek a review of the Supreme Court verdict halting privatisation of Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd, Petroleum Minister Ram Naik said on Monday.

Also Read Govt seeks review of SC ruling on HPCL, BPCL

Members of Parliament at the consultative committee meeting of the ministry of petroleum & natural gas wanted the oil sector to remain under state control as it had strategic importance.

"About divestment (in the oil sector), members expressed concern and wanted the Supreme Court verdict to be honoured," Naik told reporters after the meeting in New Delhi.

The MPs voiced their opposition to privatisation of oil sector on the day the government asked the apex court to reconsider its judgment that said Parliamentary approval was necessary for privatisation of HPCL and BPCL.

Naik said most of the 28 MPs who attended the meeting voiced serious reservations on privatisation of public sector oil companies.

"They said IOC should not be disinvested."

The Cabinet Committee on Divestment had earlier this month decided to explore options selling a part of IOC.

The MPs concurred with IOC's view that the India's sole Fortune 500 firm would bleed to death if its 8,000 petrol pumps are sold off.

Some MPs felt IOC's proposal to acquire government's 34 per cent stake in HPCL would be an acceptable formula to garner revenue, Naik said.

IOC has proposed to pay Rs 10,000 crore (Rs 100 billion) to the government for acquiring stake in HPCL. Alternatively, it has proposed to sell 20 per cent of the equity shares in domestic and overseas market to generate $2 billion.

The petroleum minister refused to comment on the Centre asking Supreme Court to reconsider its judgment on HPCL and BPCL.

Naik said the MPs were appreciative of the performance of oil PSUs.