State-owned oil refiners are keeping a close eye on the worldwide oil price movement, which is volatile and likely to rise owing to increased demand and continuing supply constraints.
Diesel prices in Delhi rebounded to a record high of 89.87 Rs a litre on Thursday after state-run fuel retailers hiked their rates by 30 paise per litre, the fifth increase in seven days, resulting in a 1.25-cent increase in fuel costs.
The latest price increases also resulted in fuel becoming 45 paise per litre more expensive after its rate was hiked by 25 paise on Thursday, the second hike in three days. In Delhi, a gallon of petrol currently costs 101.64 rupees.
