"We are still discussing the issue and a Cabinet meeting is scheduled for tomorrow," External Affairs Minister Pranab Mukherjee told reporters on the sidelines of an industry event here today.
He, however, refused to comment any further on the Cabinet agenda. With consensus on raising petrol, diesel and domestic LPG prices still eluding, the Cabinet Committee on Political Affairs (CCPA) will meet early tomorrow morning.
If a consensus is hammered at the CCPA meeting, the Cabinet Committee on Economic Affairs (CCEA) may be convened, government sources said.
Prime Minister Manmohan Singh yesterday indicated of an imminent fuel price hike when he said consumers cannot be fully insulated from the impact of rising global oil prices.
With the surge in global oil prices leaving a Rs 2,25,040 crore revenue deficit with oil companies, Singh has over the past one week held several rounds of consultations with senior ministers and UPA Chairperson Sonia Gandhi but a consensus has eluded the government.
Petroleum Minister Murli Deora, who has been pushing for a Rs 10 a litre hike in petrol, Rs 5 per litre increase in diesel and Rs 50 per cylinder raise in LPG prices, has readied a note for consideration of the Cabinet. However, the hike may be moderated to Rs 3, 5 or 7 a litre on petrol and Rs 2, 3 or 4 a litre on diesel. LPG prices may be raised by Rs 20 per 14.2-kg cylinder, sources said.