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The government is considering raising petrol price by Rs 2 a litre and diesel by Rs 1 per litre as an immediate fall out of the firming international oil prices.
State-run fuel retailers are losing about Rs 135 crore (Rs 1.35 billion) per day on sale of petrol, diesel, LPG and kerosene and the government is looking at proposals to make up for these losses, a senior official said.
"Equitable burden sharing principal would entail consumers having to bear marginal increase in fuel prices while the rest of the losses would be made up by issue of oil bonds and upstream assistance," he said.