Fuel retailers in catch-22 situation, delay price cut as market tightens

State-run fuel retailers are delaying a price cut as oil prices harden towards $80/barrel as the narrative of the market getting tighter gains momentum amid demand outlook turning bullish to coincide with supply cuts from Saudi Arabia and Russia. Oil prices posted their third straight weekly gains last week, the first since April, with global benchmark Brent hovering above $81/barrel on Friday.