Government-owned oil companies that are dropping off more than Rs 1.85 billion each day on sale of four fuel products, (petrol, diesel, domestic cooking gas (LPG) and kerosene) are seeking an immediate hike in fuel prices, report agency sources.

In a written reply in Lok Sabha, Dinsha Patel, State Minister for petroleum and natural gas alleged that the state-owned oil marketing companies have wanted correction in the costs of receptive petroleum products because of enhancement in worldwide oil costs.

However, the minister did not spell out the amount of cost increase wanted by the oil companies.

Hindustan Petroleum, Indian Oil and Bharat Petroleum conjointly misplaced Rs 46.33 billion on diesel, Rs 40.28 billion on kerosene, Rs 15.53 billion on selling petrol and Rs 26.98 billion on domestic LPG in April-June quarter. During 2007-08, PSU oil companies` losses on sale of petrol, diesel, LPG and kerosene have been figured at Rs 521.62 billion.

Patel elucidated that clearing the complete affect of the steep rise in the oil prices to the users would replicate in the domestic prices. The administration has been taking all possible actions to make sure that there is no hardship to the common man.