Ahead of the meeting of a ministerial panel on fuel prices, Planning Commission DeputyChairman Montek Singh Ahluwalia today spoke in favour of a hike in petrol and diesel rates. He said this is the right time to increase fuel prices. The Empowered Group of Ministers headed by Finance Minister Pranab Mukherjee, is meeting today to consider the Kirit Parikh Committee report calling forfreeing of petrol and diesel prices from government control, besides a steep hike in LPG and kerosene rates to cut thesubsidy bill. Mr.Ahluwalia, however favoured providing subsidised kerosene tothe poor — stressing on the need for exploring the possibility of giving direct subsidy. State-owned Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum currently lose 203 crore rupees per day onselling fuel below the imported cost. They currently sell petrol at a loss of Rs 3.35 a litre, while that for diesel is 3.49 rupees, 18.82 rupees for PDS keroseneand 261.90 rupees for every 14.2-kg LPG cylinder.