The Minister of Petroleum and Natural Gas, Jaipal Reddy has ruled out an immediate hike in fuel or any oil product prices. Talking to the media in New Delhi today, the Minister said, there are no immediate plans to hike oil prices for now. He, however added that difficult and painful decisions need to be taken to reduce the under-recoveries of oil marketing companies. Mr Reddy said that it is his duty to bring out the facts in front of the Cabinet Committee of Political Affairs saying he, however, does not know when it would take a final call in this regard.

Speaking on the occasion, Indian Oil chairman R.S. Butola said that oil companies are currently losing nearly 6 rupees per litre on petrol sales and pitched for hike in petrol prices.

AIR correspondent reports, state-run oil marketing companies are losing 550 crore rupees everyday on under-recoveries as a result of higher crude prices in the global markets.