The Indian crude oil basket hit a record high of $104.63 per barrel on Monday, 14 April 2008. The price has averaged $101.23 per barrel in this month so far compared with $99.76 per barrel in March 2008.The price of crude oil for May delivery on the New York Merchantile Exchange hit a high of $112.48 per barrel before falling to around $111.94 per barrel on Tuesday, 15 April 2008.
Oil marketing firms Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) are making losses on retail sale of petrol and diesel as they are not allowed to pass on the rise in oil prices to retail consumers.
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