Mr Mukherjee also said that the decision in connection to hike in fuel prices will be taken after a discussion with various political parties and states chief ministers.
Earlier, on June 2010 the government had decontrolled petrol price and diesel and domestic LPG are sold at highly subsidized prices.
Petrol price have not moved in tandem with cost. State oil firms lose over Rs 5 a litre because of an informal moratorium imposed in view of assembly polls. They currently sell diesel at a loss of Rs 14.73 per litre, Rs 30.10 per litre on kerosene and Rs 439.50 per LPG cylinder.
Mukherjee said his government was working on methods to deal with the problem of rising crude prices and a decision would be taken in consultation with all stakeholders.
High subsidies are putting pressure on the country's fiscal deficit, which is likely to touch 5.9 per cent of the GDP this fiscal and 5.1 per cent in 2012-13, he added.