Petroleum Minister Mani Shanker Aiyar will meet Finance Minister P Chidambaram on Tuesday to chalk out the ways and means of mitigating the crisis created by the spurt in crude oil prices.

"I will be meeting him tomorrow evening," Aiyar told reporters on the sidelines of a seminar in New Delhi on Monday.

Aiyar is likely to discuss with Chidambaram fiscal measures like duty cuts and increasing government subsidy on LPG and kerosene, which might be needed to mitigate the crisis created by the crude oil prices' jumping by over $6 a barrel.

The minister however declined to elaborate what the petroleum ministry proposes to do to help the state-run oil firms who have incurred about Rs 12,000 crore (Rs 120 billion) loss on selling petrol and diesel below cost since January.