Union Oil Minister Mr. Murli Deora has said that the government needs to raise state-set fuel prices soon.

As per Deora, the retailing firms are suffering losses and now its time for the Government to step in. The global price of crude oil had affected a lot to the Indian oil industry last year.

However, there has been a panel of Ministers led by Union Finance Minister Mr. Pranab Mukherjee who will take decision on the fuel price issue.

The price of fuel is directly related to the price of other commodities and the inflation. So the Finance Minister will take decision on the fuel pricing system and it will be reviewed by the panel. But Mr. Deora did not mention about the possible outcome of the meeting of the panel.

Meanwhile, Deputy Chairman of Planning Commission Montek Singh Ahluwalia has agreed with the Union Oil Minister Mr. Murli Deora. He has informed that state-controlled fuel prices must be increased seeing the current situation. Mr. Ahluwalia is also a part of that panel which will decide on the oil price issue.