The oil ministry is seeking an increase in diesel and cooking fuel prices on Friday as well as a cut in taxes on fuel products, a ministry source said, moves that could push up inflation further.

A panel of ministers will meet on Friday to discuss raising the prices of the subsidised fuels. Analysts have warned that not lifting prices in line with rising crude oil could put the country's fiscal deficit under strain.

"There is no option but to increase (prices)...," the source, who did not wish to be named due to the sensitivity of the matter, said.

"You cannot preserve polity at the expense of economy."

Goldman Sachs, widely seen as one of the most influential banks in commodities, said Brent crude oil prices could fall by USD 10 to USD 12 a barrel by the end of July after the International Energy Agency (IEA) announced a surprise release of 60 million barrels of oil from member countries.

"We would expect the release to have less of an impact on prices further out the curve, as the oil would be absorbed to meet current demand. Net, we would expect that the potential impact on Brent crude oil prices in 2012 to be closer to USD 5-USD 7 a barrel on average."

At 1:40 p.m. EDT (1740 GMT) Brent crude oil prices were already down USD 5.86 at USD 108.35 a barrel, but were well above an earlier intraday low of USD 105.72.

Prices were largely unchanged from before the publication of the note.

Google at the centre of antitrust probes

Google Inc found itself at the centre of multiple government investigations on Thursday into whether it is using its dominance in search advertising to scotch competition.

At least three state attorneys general have started antitrust investigations into Google, a source familiar with the matter said.

The source declined to elaborate on the details of the investigations by the attorneys general of California, Ohio and New York as they were still in the early stages.

The attorneys general investigation into Google was first reported by the Financial Times, citing people familiar with the investigations.

Sensex gains over 150 pts

Upside momentum continued on the benchmark Sensex for second consecutive day, supported by oil & gas ahead of EGoM meet today. Metal, financial and auto stocks too were on buyers' radar. The Nifty went up above 5350 level.

Fall in crude oil prices was another reason behind upside in Indian markets. Brent crude falls 6% after International Energy said would release 60 million barrels crude oil from emergency stocks in July

Oil & gas stocks rallied - ONGC, BPCL and IOC gained 2-2.5%. HPCL surged 4%.

Big money, high risks in Asia casino growth

U.S. billionaire Sheldon Adelson, the future of Asia's gaming boom looks rosy. After building some of the world's most profitable casinos in Macau and Singapore, Adelson, like MGM Resorts and Pinnacle Entertainment, is keen to diversify, eyeing markets such as Taiwan, the Philippines and Vietnam.

The stakes are high and so are the risks.

It was only less than three years ago that Adelson's now $28 billion gaming empire was ravaged to the brink of bankruptcy. The 2008 financial crisis sent shares in Las Vegas Sands (NYSE: LVS ), parent of Macau unit Sands China (HKSE: 1928.HK ), plummeting.

Diesel, kerosene and LPG price likely to be hiked by July

The oil ministry has submitted a proposal to the Empowered Group of Minister (EGOM) for fuel price hike. The ministry has proposed that customs duty on crude oil be scrapped along with the excise duty on diesel.  The ministry has sought a Rs 4 hike on diesel, if duty stays. Similarly, Rs 150 hike in liquefied petroleum gas (LPG) and Rs 9 hike in kerosene would help the ailing oil and gas sector, says the oil ministry. 

Meanwhile, the government is expected to raise diesel, cooking gas and kerosene prices next month after a gap of one year as cash-strapped state oil marketing companies complain that their borrowings have risen alarmingly and they will be forced to cut fuel supplies, starting with cooking gas.