With international crude oil prices spiralling to a 12-year high at over $37 a barrel, Petroleum Minister Ram Naik on Monday pinned hopes on Finance Minister Jaswant Singh announcing some fiscal measures to avoid a certain increase in prices of petroleum products.

"The finance minister is due to reply to the debate on Budget tomorrow (Tuesday). He may announce something to contain effect of spiralling international crude oil prices on domestic markets," he told reporters in New Delhi.

Rise in global crude oil prices has already led to a Rs 3.50 a litre increase in petrol and diesel prices since January, domestic cooking gas is faced with the prospect of price hike by Rs 60-70 per cylinder due to lower budgetary provision for subsidies.

"The subsidy on LPG provided in the Budget 2003-04 leaves a gap of Rs 60-70 per cylinder between the cost of crude and the current retail price of Rs 241 per cylinder (in Delhi)," he said adding the government would endeavour not to burden the common man.

Naik was hopeful that the finance minister's Budget reply may contain provisions like lowering of customs duty on crude oil and excise duty on petroleum products to tide over the crisis.

"Whatever is needed (after the reply) will be done," he said in reply to a question if prices of LPG would be raised.

While the state-owned oil retailing companies have not revised LPG and kerosene prices since last Budget in spite of crude oil prices rising from $19 a barrel to $34 per barrel currently, they haven't even passed on the entire hike necessary in petrol and diesel.