After a steep Rs 7.54 a litre hike in petrol prices, a high powered ministerial panel headed by the Finance Minister, Mr Pranab Mukherjee, may meet soon to decide on revising diesel, cooking gas LPG and possibly also kerosene rates.
The Empowered Group of Ministers (EGoM) has not met in almost a year even though depreciation in rupee and rise in international oil prices raised cost of imports.
Sources said the panel may meet as early as tomorrow but a top Oil Ministry official stated no meeting has been scheduled as yet.
State-owned oil companies currently lose Rs 512 crore a day on selling diesel, domestic LPG and kerosene.
Diesel is currently sold at a loss of Rs 15.35 a litre, kerosene at Rs 32.98 per litre loss and oil firms lose Rs 479 on sale of every 14.2-kg domestic LPG cylinder.