New Delhi: In the face of global crude oil reaching an unprecedented level of $54 a barrel, Petroleum Minister Mani Shankar Aiyar has intensified efforts to cushion domestic consumers against the spurt and will meet Prime Minister Manmohan Singh later in the day.

Aiyar, who is believed to be against hiking prices of domestic fuel, may seek Singh's intervention to maintain status quo and demand more duty concessions from the Finance Ministry.

Public sector oil companies have lost Rs 2273 crore in the first six months of current fiscal on selling petrol and diesel below the import cost.

Going by the current trend in international markets the four State-run firms i.e. Indian Oil Corp, Bharat Petroleum Corp Ltd, Hindustan Petroleum Corp Ltd and IBP Co. Ltd would have to forego another Rs 1981 crore in the reminder of the year unless fuel prices are revised upwards.

"Petrol is about Rs 1.50 per litre short of the import price while diesel is being under priced by over Rs 3 per litre," industry sources said.

The price of the two auto fuel have not been revised since August 1.