The Petroleum and Natural Gas Secretary Mr S Sundaresan says the empowered Group of Ministers will meet in New Delhi next week to decide on the issue of petroleum price hike.Addressing a media persons in Kochi today, Mr Sundaresan said the oil companies suffered loss to the tune of 46,000 crore rupees due to selling products at lesser rates during last fiscal. He said the government is modulating petroleum prices to see that people are not extraordinarily affected due to a hike.He said discussions are going on regarding the India-Pakistan-Iran oil pipeline and added that there is no proposal to lay undersea pipline as it is more expensive.The Petroleum Secretary noted that the ethnol procurement procedure for bio-fuel is being finalised and will be rolled out within the next few weeks.Mr Sundaresan said the Petronet LNG Terminal and Regassification plant at Kochi will be ready by 2012. The laying of pipeline from the terminal to Cochin Refineries, FACT and the NTPC Thermal powerplant at Kayamkulam will be completed next year, while the gas pipeline to Mangalore and Bangaluru will be completed in 2012.