<div>The Oil Ministry has moved a Cabinet note seeking immediate hike in diesel, cooking gas and kerosene prices and limiting supply of subsidised LPG cylinders to 4-6 per household in a year.</div><div> </div><div>The ministry's proposal to the Cabinet Committee on Political Affairs (CCPA) also includes barring households with income of more than Rs 50,000 per month or Rs 6 lakh in a year from getting subsidised LPG cylinders.</div><div> </div><div>The Cabinet committee is likely to consider the hike at the first occasion it meets after the current monsoon session of Parliament ends on Friday, a top Oil Ministry official said here today.</div><div> </div><div>Also on cards is an increase in petrol price on which the state-owned oil firms, despite having freedom to raise rates, are losing close to Rs 6 per litre.</div><div> </div><div>The price hike may take place anytime after Friday.</div><div> </div><div>"The situation facing us is very grim. We can no longer afford to postpone a price hike," the official said.</div><div> </div><div>"We have not recommended the quantum of increase in rates but have analysed the situation that warrants an immediate price rise," he added.</div><div> </div><div>Diesel, domestic LPG and PDS kerosene rates have not been changed since June 2011 even though cost of production has soared 28 per cent.</div><div> </div><div>Oil PSUs are losing Rs 560 crore per day on sale of diesel and cooking fuel at present, and are forced to resort to short-term borrowings to meet funds needed for importing crude oil (raw material for making fuel).</div>
