"I am not ruling out anything, neither am I ruling anything in," he said.
The UPA-government's key allies, particularly Left parties, have criticised the decision to hike the petrol price by Rs 2.20 per litre and diesel by Rs 2.10 a litre.
They have been all the more critical of the decision to raise LPG prices by Rs 20 per cylinder immediately and by Rs 5 per cylinder every month thereafter.
"This (price increase) was a decision of the government and therefore if at all, it is to be reconsidered, it will have to be done by the government when the Prime Minister returns," Aiyar said.
The minister said he has had no discussions with his cabinet colleagues or the allies after the November 4 cabinet committee of economic affairs meeting that decided on raising the prices in view of the sharp surge in cost of raw material."This is a decision taken by the cabinet. Let the Government as a whole consider what needs to be done and that will be possible only after Prime Minister returns," he added.