"oil-prices"

Crude prices were also pressured by a ramp-up in new coronavirus cases in major consumer China and over concerns about near-term demand expressed by oil exporter group OPEC.

Benchmark U.S. crude rose USD 5.24 per barrel to USD 108.60 in electronic trading on the New York Mercantile Exchange.

According to Indian Oil Corporation Limited (IOCL), the largest supplier of ATF in the country, on Thursday reported price hiked by 3.6 per cent in the Delhi region.

Fuel rates are at record highs across the country and petrol has crossed Rs 100 a litre mark in about a dozen states and union territories.

Accordingly, pump price of petrol and diesel remained at previous days level of Rs 90.56 and Rs 80.87 a litre respectively in the capital.

The OMCs went on a price cut for the first time this year on Wednesday after keeping oil prices steady for the past 24 days.

The proposed price stabilisation fund could be triggered in times like what is prevailing now to check extreme volatility and provide relief to both consumers and oil companies.

“The rise in fuel and cooking gas prices is putting additional financial burden on the people, who are yet to come out of the problems of lockdown,” TPCC chief said

Saudi energy minister Prince Abdulaziz bin Salman at a press conference after the OPEC+ decision on Thursday said New Delhi should take some of the crude out of storage that they had purchased at very cheap rates last year.

The March contract of Brent on the Intercontinental Exchange (ICE) was at $54.70 a bbl, higher by 0.74 per cent from its previous close.