Petroleum Minister Mani Shankar Aiyar Tuesday said the cabinet would take a decision on any hike in prices of petroleum products, as a result of spiralling global crude prices that have peaked at $63 per barrel.

"I can assure that all the information has been sent to the cabinet and we have informed the Rajya Sabha," said Aiyar on the sidelines of a meeting with the Indo-US Business Council.

The minister told the media that the matter on petroleum prices would be taken up during the calling attention motion in the Lok Sabha Wednesday when Finance Minister P. Chidambaram would speak on the rise in prices of essential commodities.

Admitting that oil companies were facing continuing losses due to the freeze on retail prices of petrol and diesel, Aiyar said: "While there is need for the finance ministry to generate revenue and manage fiscal deficit, at the same time the plight of the oil companies has to be addressed."

The matter would however be addressed by the cabinet, he said.

On the global oil scenario, the minister said there was no reason for the continuing rise in prices as there has been no major disruption in production. Yet, the volatility continued.

"It seems more a fashion than a global reality but that is hardly a comfort," said Aiyar.

With India's cushion of $140 billion foreign exchange reserves, the minister said the country could cope with the pressures of rising crude prices though the funds could have been better utilised for infrastructure development.