NEW DELHI, May 23 (Reuters) - The issue of whether to raise...

NEW DELHI, May 23 (Reuters) - The issue of whether to raise domestic fuel prices in the face of surging global crude prices is not on the agenda for Friday's cabinet meeting, Oil Minister Murli Deora said.

"We need to take immediate steps to save oil companies and I have discussed the issue with the prime minister last night," Deora told reporters. "We are trying to see that some action is taken immediately."

Earlier, Petroleum Secretary M.S. Srinivasan said an increase in domestic fuel prices was inevitable and the government would work out the size of the rise by Friday evening.

Any rise in prices could be politically damaging to a government facing crucial state elections over the next few months.

The cost of the crude oil India imports has doubled since June 2006 but after a series of retail price revisions fuel costs less now than it did two years ago. (Reporting by Nidhi Verma; Editing by Mark William

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