New Delhi: Petroleum Minister Mani Shankar Aiyar will meet Left party leaders this week to arrive at a consensus on raising petrol and diesel prices that has been necessitated due to crude oil prices touching a historic high of $ 56 a barrel.

Petrol and diesel prices have not been raised since August 1 despite raw material cost (crude oil) surging by over 33 per cent, resulting in heavy losses to public sector oil firms.

"I have already held discussions with CPI (Communist Party of India) leaders A B Bardhan and A Raja on the issue. I also spoke over phone with CPM (Communist Party of India-Marxist) leader Sitaram Yechury and asked him if leaders of all Left parties can be brought together to discuss the issue on October 29 or 30," Aiyar told sources in New Delhi.

The Cabinet Committee on Economic Affairs (CCEA) had on October 15, the last due date for reviewing petrol and diesel prices, not taken any decision on the issue pending wider consultations with the UPA (United Progressive Alliance) allies, particularly the Left.

Petrol and diesel prices are due for a review on October 31.

Aiyar said he has informed the Prime Minister's office about the meetings with key allies for an "appropriate decision for further intra-Government consultations."

He did not say if duties on crude and products might be cut to contain the impact of surge in crude oil prices. "I cannot say anything on that. The Ashok Lahiri Committee (constituted by the Finance Ministry) is looking into the duty structure."