Rural Development Minister Raghuvansh Prasad confirmed that "the issue was discussed" but did not say if prices of petrol, diesel and LPG were being raised.
Petrol is currently being sold at a discount of Rs 7.45 a litre and diesel at Rs 5.15 per litre. LPG was being sold at a loss of Rs 96 per cylinder and kerosene was sold at a discount of Rs 12.85 a litre.
Sources said the petroleum ministry had proposed raising petrol and diesel prices by Rs 3 per litre each and LPG price by Rs 20 per cylinder. It had also proposed a cut in excise duty on petrol and diesel by Re one per litre each.
The average Indian Crude Basket price, which was $27.96 a barrel during 2003-04 and $39.21 a barrel during 2004-05, touched an all time high of $62.50 a barrel on Wednesday.
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