Fuel price hike discussion next week

 State-owned oil retailing firms were losing Rs 9.34 per litre on selling petrol below the imported cost while the loss on diesel was Rs 10.43 a litre. Kerosene was being sold at a loss of Rs 16.78 per litre and LPG at Rs 220 per cylinder loss, officials said.

State-run Indian refiners have been unable to raise government-capped retail fuel prices since September last year, despite the surge in crude oil prices to record $75 a barrel.

The non-revision of retail prices of petroleum products by the government is expected to lead to under-recoveries of an estimated Rs 75,000 crore by oil marketing companies in FY07.