Petroleum Minister Ram Naik on Friday said oil companies will revise prices of domestic LPG only after Finance Minister Jaswant Singh replied to the Budget debate in Lok Sabha on Tuesday next.

Replying to a series of questions on price revision, the minister said oil companies can increase the prices to the extent they are incurring losses.

''However, oil companies were waiting for the Budget reply,'' the minister said and expressed hope that the finance minister will also adjust duties on petroleum products.

According to reports, oil companies were keen to increase LPG prices by about Rs 25 per cylinder of 14.6 kg. An LPG cylinder in Delhi is priced at Rs 241, which was fixed as per the last Budget.

Prices of imported LPG had gone up from around $170 per tonne to $325 per tonne. As a result, oil companies were incurring heavy losses and were presently providing an ‘additional subsidy' of Rs 70 per cylinder.

Naik said he had written letters to chief ministers of Gujarat, Rajasthan, Madhya Pradesh, Haryana, Delhi and Uttar Pradesh to reduce the sales tax on LNG at four per cent instead of as high as 22 per cent.

UNI