India''s Congress-led coalition government has kept a lid on domestic oil prices to check inflation but state-owned oil firms which buy oil from overseas to meet domestic demand have been forced to absorb the price difference.

Finance Minister Palaniappan Chidambaram said the decision was postponed as two key cabinet members were unable to attend the cabinet meeting Wednesday.

"Petroleum Minister Mani Shankar Aiyar made a detailed presentation (on whether to raise oil prices) but another cabinet meeting will be held in 24 to 48 hours to decide on the issue," Chidambaram told reporters.

The revenue losses suffered by the state-run oil companies have put pressure on the government''s budgeted spending, forcing it to review lifting the cap on domestic oil prices.

India, which imports about 70 percent of its total oil consumption and is one of Asia''s largest oil consumers, raised domestic oil prices only once in June but global prices have risen sharply since then.