The government’s plans to reign in petroleum subsidies to plug the fiscal deficit next financial year are in jeopardy, as a whopping Rs 2.13 lakh-crore revenue loss is expected at the current levels of global crude oil prices and domestic retail prices of controlled products.

Non-revision of diesel, LPG and kerosene prices, firm crude oil prices and a weak rupee may combine to foil Finance Minister Pranab Mukherjee's subsidy-reduction plans.