As oil companies press for a hike in fuel prices, Petroleum Minister S Jaipal Reddy has sought a meeting of a high-powered ministerial committee to decide on how to cut the losses they incur.
The EGoM "meeting would take place before the Winter Session of Parliament", beginning November 22, Reddy said, adding that a decision on raising prices may "not be easy".
The ministerial panel is essentially a consensus-building body of the Congress-led UPA government and comprises key allies like the DMK, TMC and NC. The allies had in September scuttled plans to limit the supply of subsidised LPG cylinders to 4-6 per household in a year so that subsidies can be cut.
Reddy said his ministry would push for raising prices of all three regulated products, diesel, LPG and kerosene.
On oil companies pressing for a hike in petrol prices, he said PSUs were fully empowered to take a view, keeping in mind rising crude oil prices and depreciating rupee.
"Our ministry does not administer" the price of petrol, which was freed from government control in June last year, he said.
Tuesday, HPCL Director (Finance) B Mukherjee had said that oil firms may have to raise petrol prices, as they were losing Rs 1.50 per litre at the current rates.