It is not only petrol and diesel prices which will be "reviewed" at the meeting of the group of ministers on fuel pricing on Wednesday.

The prices of two other subsidised fuels, kerosene and LPG, would also be reviewed, Petroleum Minister Murli Deora said today.

"On January 17, the GoM's meeting is taking place in Delhi. That time, it (price hike) will be decided," Deora said. "What is left to decide is the quantum of the increase," Petroleum Secretary MS Srinivasan said.

The three government oil marketing companies, Indian Oil Corporation [Get Quote], Bharat Petroleum and Hindustan Petroleum, are losing Rs 320 crore a day as they sell at subsidised rates.

However, there is no political consensus on the move. The government also has the option to reduce import duties on crude oil and sales tax on petroleum products and avert a hike, say some parties.

"It is estimated that the central government has collected Rs 40,000 crore more than the Budget estimate through ad valorem taxes. If this amount was returned to the oil companies, the necessity of increasing the prices of petroleum products would not arise," said a statement from the Communist Party of India-Marxist, a key ally of the government.