Petroleum Minister Jaipal Reddy today ruled out any immediate plan to raise price of petrol or any oil product. Speaking to reporters in New Delhi today, Mr Reddy said, there was a need to lower the under-recoveries faced by the oil companies by selling fuel at subsidized rates.

Yesterday, there were media reports about imminent hike of prices of petroleum products. Our Correspondent reports, state-run oil marketing companies are losing 550 crore rupees everyday on under-recoveries as a result of higher crude prices in global markets.