The Government on Tuesday said the rise in international oil rate was a 'matter of grave concern' but refused to say if retail fuel prices will be increased.
"This is a matter of grave concern for us. We are trying to do whatever possible," Petroleum Minister Murli Deora told reporters.
International crude oil prices on Tuesday almost touched $73 per barrel, widening the gap between the domestic retail fuel prices and cost of production.
The state-run fuel retailers - IOC, BPCL and HPCL - are currently losing about Rs 150 crore per day on sale of petrol, diesel, kerosene and LPG
Asked if there was a possibility of raising petrol and diesel prices, Deora said, "we will watch the situation for some more time."
He was, however, non-committal if fuel prices can be raised in July or after the Budget Session of Parliament.
"I just can't say that," he said.
These three companies are losing Rs 6 a litre on petrol and about Rs 3 per litre on diesel.