A group of ministers (GoM) today deliberated on four sets of options for fuel price hike coupled with duty restructuring to limit the impact of rising global crude oil prices on state-run oil marketing firms. The meeting, however was inconclusive, and the GoM meet again.Earlier, the Petroleum Ministry presented to the Group, headed by External Affairs Minister Pranab Mukherjee, the options of raising petrol price by Rs 4 or Rs 2 a litre and diesel by either Rs 2 or Re 1 per litre together with Rs 50 per 14.5-kg cylinder LPG price increase, but with no raise in PDS Kerosene prices, official sources said.However, the proposed hike in LPG price was moderated to Rs 20 per cylinder owing to sensitivity attached to the cooking fuel.Sources said the maximum hike in petrol and diesel is to come with a 2.5 per cent cut in customs duty on crude oil and petroleum products and a Re 1 a litre excise duty reduction on petrol and diesel. The other option was a 5 per cent cut in customs duty on crude oil and petroleum products coupled with a Re 1 a litre excise duty drop on petrol and diesel.Two other options that combined the two rates for auto fuel price hikes with a Re 1 a litre increase in PDS kerosene price were dropped as the government did not want to hurt the common man.Before the GoM meeting, Indian Oil Corp (IOC) chairman Sarthak Behuria said his company was losing Rs 170 crore a day on sale of fuel due to non-revision in prices in line with rise in international cost.State firms currently loses Rs 10.6 a litre on petrol, Rs 11.6 per litre on diesel, Rs 331.4 per LPG cylinder and Rs 19.89 a litre on PDS kerosene.
