Coimbatore: The Union Cabinet meeting next week is likely to take a decision on various options, including price revision, to bail out loss making oil firms, a top petroleum ministry official said today.

Responding to a query on remarks by IOC chairman Sartak Behuria that the Corporation was losing up to Rs 100 crore a day on selling fuel below cost, Petroleum Secretary M S Srinivasan told reporters that price revision was not the only option to compensate the losses.

"There are many options such as price revision, tax adjustment, issue of oil bonds and upstream companies parting with their profit to downstream marketing companies," he said.

On the impact of rupee appreciation on oil sector, he said this has helped marginally. Companies were earlier importing crude oil at $67 per barrel (Rs 45 exchange rate) and now it has risen to $77 per barrel (when exchange rate is around Rs 40). This indicates a small reduction, he said.

India is expected to import about 110 million tonnes crude oil this year, Srinivasan said.