But some members tried to play it down saying there was “no need for a change at this stage”. Chidambaram, on the other hand, opposed the ministry’s proposal of a reduction in customs duty on crude oil and petro-products and cuts in excise duty on petrol and diesel. He has asked for clarity in the figures submitted by the oil ministry on the under-recoveries of the OMCs, said sources.

The GoM is to meet again in a couple of days as Thursday’s meeting remained inconclusive, Petroleum Minister Murli Deora said after the meeting.

Other options

•Rationalisation of excise duty on passenger vehicles so that diesel-run luxury cars — which thrive on diesel subsidies meant for agriculture—are taxed heavier

•Reducing excise duty on petrol and diesel by Rs 1 per litre each while abolishing the ad valorem component of 6%

•Increase the percentage of under-recovery to be offset by the oil bonds from the existing 42.5% level

•Reduce customs duty across the board on crude oil and petroleum products by 2.5%