New Delhi: Petroleum minister S. Jaipal Reddy said there will be no “immediate" increase in the prices of petroleum products, but did not rule out such a move in the near future.

“There is no immediate proposal to hike, but I have acquainted the cabinet committee on political affairs with all the terrible set of facts. We will have to take difficult and painful decisions," Reddy told reporters outside Parliament.

Reddy said the subsidy bill had risen like never before.