In what could be a Diwali gift for the common man, government on Thursday said in the Lok Sabha that an announcement on reduction of fuel prices will be made within a week, keeping in view the falling global crude prices.

"The matter is being examined and an announcement would be made within a week," Petroleum Minister Murli Deora said during Question Hour in reply to a spate of supplementaries on the issue as Opposition members insisted that the fuel prices be brought down forthwith.

Global crude prices have come down below $67 a barrel from a high of $147 and now the government should live upto its promise and reduce prices of petroleum products, the members said.

Deora also faced wrath of members over the 'bailout' package to airlines at the cost of the common man. The petroleum minister and the Civil Aviation Minister Praful Patel denied that any bailout has been given and said only deferment of outstandings has been allowed.

To a question from BSP's Brajesh Pathak whether the government will give free diesel to farmers, Deora pointed out that even now, huge subsidy was being given on various petroleum products. He said the question was 'wrong'.

But members of the BSP, Left and the NDA were in no mood to listen and they staged a noisy walkout.

Earlier this week, Finance Minister P Chidambaram had said in the Lok Sabha that India's administered prices of petrol, diesel, LPG and kerosene were based on Indian basket at $67 a barrel.

When price comes down to $67 a barrel, then oil companies are breaking even, Chidambaram had said.

BJD member Braj Kishore Tripathy asked, "What is the policy of the government when global crude prices have declined."

Deora said the government was waiting for further reduction in global crude prices and would consider the matter later. But as members got agitated and wanted an immediate response, he said a decision would be announced within a week.