Oil Minister, Murli Deora defended the decision taken by the oil marketing companies to hike petrol prices saying oil companies had no alternative but to hike prices, given the heavy losses they were facing due to under-recoveries.
"These companies are Navratnas and are making huge losses. Navratnas cannot be allowed to bleed,Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!