New Delhi, Dec 10: The Group of Ministers (GoM) headed by External Affairs Minister Pranab Mukherjee to look into pricing of petroleum products, is expected to take a decision this week that may impact the country's fuel prices to offset the mounting losses of OMCs in the face spiralling global curde prices.
With the oil marketing companies (OMCs) reeling under huge losses, the government is struggling to bail them out, which would translate into rejig in the fuel prices, sources said.
OMCs such as Indian Oil, Bharat Petroleum and Hindustan Petroleum are together losing over Rs 250 crore per day on sale of petrol, diesel, domestic cooking gas LPG and kerosene.
Petrol is being sold at a loss of Rs 8.74 a litre, diesel at Rs 9.92 per litre, kerosene Rs 20.53 a litre and LPG at a loss of Rs 256.35 per cylinder.
The high-powered GoM, formed by Prime Minister Manmohan Singh late last month which is to report back to the Cabinet in a month's time, is scheduled to meet for the first time on December 14.
The other members of the GoM include Defence Minister A K Antony, Finance Minister P Chidambaram, Railway Minister Lalu Prasad, Road Transport, Highways and Shipping Minister T R Baalu, Consumer Affairs Minister Sharad Pawar and Petroleum Minister Murli Deora.
The current projected annual under recoveries on petrol, diesel, PDS kerosene and domestic LPG are estimated to exceed Rs 69,700 crore, Petroleum Minister Murli Deora had earlier said, adding that out of these, about Rs 33,600 crore are on account of domestic LPG and PDS kerosene.