Govt may hike fuel price to help oil cos

"I cannot rule in or rule out anything at this stage," Petroleum Minister Murli Deora told reporters when asked if increasing petrol and diesel prices was an option.

"We are discussing all possible measures to help and protect our PSUs. Some remedial measures should be taken but I would like to assure the public that there is no need to panic. We will protect their interest (as well)," he said.

In Asian morning trade today, New York's main oil futures contract, light sweet crude for July delivery, rose to a high of $135.04 a barrel before easing to $134.87.