Petroleum Minister Murali Deora has said that the prices of petroleum products will be decided by the Empowered Group of Ministers which will meet in New Delhi on the 7th of next month. Talking to reporters in Chennai yesterday, he said if India continues to import crude oil at current rates, there is a need to increase prices. Mr Deora said, the Parliamentary Standing Committee attached to his ministry, which met in Chennai yesterday, 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 Dollars a barrel, then the losses of public sector oil companies will be at a staggering 1 lakh crores.