New Delhi: Indian Oil Corp. Ltd (IOC) is currently losing slightly less than Rs6 per litre on petrol sales, its chairman R. S. Butola told reporters on Friday, adding that companies were discussing an increase in prices.

“There is a need to raise petrol prices. We are in consultations with our colleagues at other oil marekting companies and stakeholders," Butola said.

India’s government subsidises costs of diesel, cooking gas and kerosene but in theory petrol prices from state-run retailers are liberalized.

Meanwhile, oil Minister S. Jaipal Reddy said on Friday said that the government has no immediate plan to raise domestic fuel prices, adding that it was now up to the cabinet to decide on the thorny issue of reducing hefty subsidies on diesel, cooking gas and kerosene.

The oil ministry and finance ministry have been pitching hard for a rise in fuel prices, since the subsidies weigh heavily on India’s fiscal deficit at a time of slowing growth.