Asserting it would oppose any hike in fuel prices, the CPI-M on Tuesday said that instead of burdening the commom man, the Centre should offset losses of oil companies through profits earned from taxes on import of crude oil.

"Crude oil prices have more than doubled in the past few years. So has profits earned by the government through excise duties and taxes. The government should offset losses suffered by the oil companies through these profits," CPI-M leader Sitaram Yechury said.

"So far, prices have not been increased due to our opposition. But, if the government effects any hike in prices of petroleum products, we will strongly oppose this," he said.

Asked if the Left would withdraw its support to the UPA govenrment at Centre over the issue, the veteran leader said, "we will if that keeps prices in control. We are opposing the price hike because it will put burden on consumers. There is an alternative which can be pursued," he said.

Yechury said there was no need for the government to hike the prices, if it considered the suggestions made by the Left to neutralise losses suffered by the oil companies.

Asked if the Left was at loggerheads with the Prime Minister on the oil price hike issue, Yechury said "let us hope we are not. The fact that prices are stable indicates that we are not."