Petroleum Minister Mr. Murali Deora has said that the prices of petroleum products will be decided by the Empowered group of ministers which meets in New Delhi on the 7th June.Speaking to newsmen in Chennai, after a meeting of the parliamentary committee of the petroleum ministry, in Chennai on Monday afternoon, he said if India continues to import crude oil at current rates, there is a need to increase prices. He said at the committee meeting, opinion was divided, on how to tackle the increasing losses suffered by public sector oil companies on selling petroleum products at below market price.Detailing on the losses likely to be incurred in the current fiscal, Mr. Deora said if crude oil is sold at 85 $ per barrel, then the losses of public sector oil companies would be at a staggering 1 lakh crores.