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New Delhi, Nov. 2 The Government plans to take a decision on the petrol and diesel price issue by next week. The options being explored by the Government to combat the rising crude prices include a marginal hike in retail selling price of petrol and diesel, excise duty cuts on petroleum products, and reducing import duty on crude oil.

Mr Murli Deora, the Petroleum Minister, said here: “We hope to finalise a solution by next week. The Prime Minister, Dr Manmohan Singh, and the UPA Chairperson, Ms Sonia Gandhi, have been apprised of the situation.”

The Indian crude basket on Thursday closed at $87.85 a barrel, which is the highest till date. The basket in October averaged at $79.33 a barrel.

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