New Delhi: A day after Prime Minister Atal Behari Vajpayee lashed out at critics of disinvestment policy, Petroleum Minister Ram Naik on October 3 maintained that a cautious approach was needed before deciding on privatisation of public sector Hindustan Petroleum and Bharat Petroleum.

"There is no question of delay. When a lion decides to charge, he first looks left and right and only after taking stock of the situation does he move forward. Similar approach was needed (for disinvestment) in PSUs," Naik told reporters.

"That (cautious approach) is what is being called a mid-term review. I am sure this will help to put the disinvestment process in proper prospective," he added.

Asked about Prime Minister's remarks, he said, "PM had also said yesterday that there will be a debate on the issue. The debate is on."

Decision on privatisation of oil refiners BPCL and HPCL will be taken within three months as had been decided by Prime Minister last month, Naik said.

The Petroleum Minister reiterated that he was not against disinvestment in oil sector but strategic sale was not a desirable option.

"I do feel that strategic sale of HPCL and BPCL should not be done. And that is why the government within is discussing this issue," he said.

Linking his opposition to strategic sale to the need for maintaining continuous supply of petroleum products, Naik said wealth created in HPCL and BPCL should go to people at large through public offer.

PTI