If you think you are already paying a lot for petrol, things may soon get worse. Global oil prices are near all time highs again, with the Crude on New York's Nymex touching a high of 72 dollars per barrel.

Indian oil companies have already started pushing for a hike in petrol and diesel prices. The government is going into a huddle this week to decide on the price hike.

The petroleum minister will consult the finance minister on whether the consumer can be cushioned from a price hike through duty cuts.

Then the government will consult the left parties and its other allies, before the Prime Minister gives his final verdict on the hike.

"If the tax and duties will remain the same petrol prices will see a rise of around Rs 5-4 and same will be the case for diesel," said Leena Srivastava, Director, Teri (A non-profit, scientific and policy research organization, working in India and globally in the fields of energy, environment).

Oil marketing companies are already reporting a loss of about Rs 5. 75 per litre on petrol and Rs 4.75 per litre on diesel.

And due to selling petrol, diesel and LPG at lower prices, they are facing a loss of approximately Rs 90 crore per day.

For the government this is going to be a very difficult tight-rope walk, trying to balance the demands of the oil marketing companies, the left parties and its allies, and most importantly, the consumers.