Indian Oil Minister Murli Deora told on Wednesday that the government would take a decision on whether to raise prices of petroleum products next week.

"Government is very much alive to the problems faced by our PSUs. We are trying our best so that we find a solution soon," he said.

The petroleum ministry has planned to take to the Cabinet this week a proposal to either marginally raise petrol and diesel prices or cut duties to offset the impact of raising international oil prices, but the proposal is not being pursued this week

Petroleum Minister Murli Deora last week met Finance Minister P Chidambaram to discuss measures to cope with the record international crude oil prices that are racing toward the $ 100 a barrel mark.

Indian Oil, Bharat Petroleum and Hindustan Petroleum are currently losing over Rs 240 crore per day on sale of petrol, diesel, domestic LPG and PDS kerosene.

They make a loss of Rs 4.94 on sale of every litre of petrol, Rs 6.50 per litre on diesel, Rs 16.42 a litre on kerosene and Rs 207 per cylinder on LPG.

Deora Said, “We are trying for a minimum hike in fuel prices...I want people not to suffer.’’

With assembly polls in Gujarat and Himachal Pradesh round the corner, the government is not inclined to raise fuel prices.