OMCs' production costs have "gone through the roof in the past month", Petroleum Minister Hardeep Singh Puri said last month after the governemnt cut central excise taxes to ease burdens.

India’s oil minister warned state fuel retailers are losing up to ?1,000 crore a day selling below market prices and the situation may not be sustainable.

The hike comes amid soaring global energy costs, with government citing mounting under-recoveries and fiscal pressure on state-run oil firms

Oil marketing company shares fell on Friday. Petrol and diesel prices saw a modest increase. This hike aims to ease financial pressure on companies. Global crude oil prices remain…