Petroleum ministry says profits earned by oil firms last year could be wiped out within a quarter as under-recoveries still very high.

OMC stocks rise 5.8% as crude prices fall below $100, amid fourth fuel price hike in two weeks.

Govt has attributed hikes to mounting losses suffered by public sector OMCs, which are collectively losing around Rs 750 cr a day. Oppn accuses Modi of waiting till after polls to…