Petroleum Ministry had proposed to increase Petrol price by Rs 3 and diesel by Rs 2 per litre. Oil marketing companies have been making a loss of Rs 3.73 a litre on petrol and Rs 3.8 on diesel, Rs 18.82 on kerosene and Rs 261.90 on each LPG cylinder.
The oil ministry suggests to free up petrol prices and gradually hike diesel rates to market levels. It has also recommended a small increase in the price of kerosene, used for lighting by the poor, and in cooking gas.
The EGoM meet is likely to start at 1 pm on Friday, Jun 25.