The Minister of Petroleum & Natural Gas, S. Jaipal Reddy, has ruled out an immediate hike in fuel prices now. An official statement issued here said that the Minister said this at the sidelines of a function.

Thus, putting to rest speculations of a revision tonight.

The Minister, however, added that difficult and painful decisions need to be taken to reduce the under-recoveries of oil marketing companies.

Responding to media queries, Reddy said that “as a Minister, it is his duty to bring out the facts in front of the Cabinet Committee of Political Affairs (CCPA), but when the CCPA will take a final call on the issue is not known.”

Speaking on the occasion, Indian Oil Corporation Chairman, R.S. Butola, said that oil companies are currently losing nearly Rs 6 per litre on petrol sales and pitched for hike in petrol prices. Butola said he is in consultations with his colleagues at other oil marketing companies and stakeholders on the issue.

Public sector oil marketing companies are losing Rs 550 crore every day on under-recoveries as a result of higher crude oil prices in the global markets

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