Government-owned oil firms have sought an immediate hike in petrol, diesel, domestic cooking gas (LPG) and kerosene prices as they are losing over Rs 185 crore per day on sale of the four products."The public sector oil marketing companies have sought another revision in the prices of sensitive petroleum products due to increase in international oil prices," Minister of State for Petroleum and Natural Gas Dinsha Patel said in a written reply in the Lok Sabha.He, however, did not specify the quantum of hike sought by the oil companies or the government's response to the demand.During April-June quarter, Indian Oil, Bharat Petroleum and Hindustan Petroleum together lost Rs 1,553 crore on selling petrol, Rs 4,633 crore on diesel, Rs 4,028 crore on kerosene and Rs 2,698 crore on domestic LPG."Since passing on the entire impact of the steep increase in the oil prices to the consumers would have resulted in steep increase in the domestic prices, the government has been taking all possible measures to ensure that there is no hardship to the common man," Patel said.He said the government has adopted the principle of equitable burden sharing among the three stakeholders - consumers, oil companies and the government."The government is closely monitoring the international oil prices and will continue to protect the interests of consumers," he said but did not state clearly whether or not they would be spared from fuel price hike.During 2007-08, PSU oil firms' losses on sale of petrol, diesel, LPG and kerosene has been estimated at Rs 52,162 crore.
