New Delhi, May 29 : Petroleum and Natural Gas Minister Murli Deora on Friday said he would seek Cabinet approval for oil price deregulation in six weeks.

"Decision regarding decontrol of prices is to be taken by the Cabinet," Deora told reporters in response to a question.

He also said a proposal to allow firms to set retail fuel prices based on market prices would be sent to the Cabinet for approval within six weeks.

Currently, the government sets prices for retail fuel such as petrol and diesel below actual prices, and partially subsidises state-run marketing firms for the difference.

Deora, took charge of his ministry, on Friday. (ANI)