Crucial meeting of CCPA begins

New Delhi, Jun 4 (UNI) A crucial meeting of the Cabinet Committee on Political Affairs (CCPA) began this morning, to deliberate on how a political concensus can be arrived at on the issue of a petroleum price hike to ease pressure on cash-strapped oil companies.

The meeting, presided over by Prime Minister Manmohan Singh at his 7-Race Course residence, is being attended by External Affairs Minister Pranab Mukherjee, Finance Minister P Chidambaram and other senior cabinet members of the UPA.

The meeting will consider various options put forward by the finance and petroleum ministries to reduce the losses suffered by public sector oil companies.

While the government is determined to hike the prices of petroleum and diesel without much burden on the public, it will also keep in mind the opinion of the Left parties which is vehemently opposing any hike.

The Cabinet Committee on Economic Affairs (CCEA) is slated to meet later to work out the financial implications of the petrol price hike.

Government sources said a final decision is expected today itself.

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