"We are trying our best to find a solution. I am going to meet Prime Minister Manmohan Singh on Wednesday. He has to decide... even if there is a rise... it will be minimal," he said
Deora had last week met Finance Minister P Chidambaram to discuss options such as increasing prices or reducing excise duty for public sector oil marketing firms.
The government has so far not allowed companies such as Indian Oil Corp, BPCL and HPCL to raise retail prices although international crude prices have touched record highs and are racing toward the $100 a barrel mark.
"We have to support our public sector oil companies from losses... any decision should also not burden the people," Deora said, adding no decision has been taken yet.