The government is likely to decide within the next two days whether to hike petrol and diesel prices to provide some relief to state-run oil marketing companies, Petroleum Minister Murli Deora indicated on Monday."We are trying our best to find a solution. I am going to meet Prime Minister Manmohan Singh on Wednesday. He has to decide... even if there is a rise... it will be minimal," he said
Deora had last week met Finance Minister P Chidambaram to discuss options such as increasing prices or reducing excise duty for public sector oil marketing firms.
The government has so far not allowed companies such as Indian Oil [Get Quote] Corp, BPCL [Get Quote] and HPCL [Get Quote] to raise retail prices although international crude prices have touched record highs and are racing toward the $100 a barrel mark.
"We have to support our public sector oil companies from losses... any decision should also not burden the people," Deora said, adding no decision has been taken yet.
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