No need for immediate hike in oil prices: Deora

New Delhi, Nov 13: Petroleum and Natural Gas Minister Murli Deora today said that there is no need for an immediate hike in the retail prices of fuel.

The government has been under pressure to increase the prices of fuel due to mounting under-recoveries of oil marketing companies (OMCs) which are already reeling under huge losses due to rising global crude prices.

Earlier in the day Mr Deora said that ''with international oil prices closed to 100 dollars a barrel, under-recoveries can only go up further and we are very concerned about it''.

UNI