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NEW DELHI  - Indian oil companies will revise fuel prices following a surge in global crude markets due to Russia-Ukrainian war, oil minister Hardeep Singh Puri said on Tuesday.

Indian fuel retailers have not revised pump prices of heavily-taxed gasoline and gasoil since Nov. 4, apparently to help the federal government ahead of elections in five states.

Indian state firms dominate fuel retailing in India.

The minister indicated that the government could also take steps in the 'best interest' of the citizens but did not elaborate on the likely steps.

Puri said last year the federal government had cut production tax on a liter of gasoline and gasoil tax by 5 rupees and 10 rupees, respectively.

"Oil prices are determined by global prices and there is a war-like situation in one part of the world so oil companies will factor that in (while take a decision on fuel price hike)," he said at a press conference.

"...And whatever decisions we have to take we will take those in the best interest of our citizens," Puri said in Hindi.

Puri, however, denied that the fuel prices revision was put on hold by the companies due to elections.

India, the world's third biggest oil importer and consumer, imports over 85% of its oil needs and about 50-55% of gas requirement.

India imports a fraction of its energy needs from Russia but oil companies are hit by higher oil import costs as the possibility of formal U.S. sanctions against Russian oil exports spurred concerns over supply.

Oil price rose on Tuesday with Brent surging past $127 a barrel.