Prime Minister's Economic Advisory Council on Thursday suggested increase in prices of petroleum products to restrict the fiscal deficit to 4.6 per cent in the current fiscal. Talking to the media in New Delhi, the Chairman of the Council C Rangarajan said, review of administered prices, particularly with respect to petroleum products has become necessary. Outlining the need for bringing domestic prices of petroleum products at par with the prevailing international market rates, Mr Rangarajan said, it is necessary because the country imports nearly 80 per cent of its crude oil requirement. International crude oil prices have been soaring due to unrest in Middle East and North Africa (MENA) region. Our correspondent reports that State-owned oil companies recently increased petrol price by about Five rupees per litre to reduce their losses.