Here are some of the options before the government to rein in rising fuel prices.

Petrol price on Sunday touched a record high of Rs 76.24 per litre and diesel climbed to its highest ever level of Rs 67.57 as the oil PSUs passed on four weeks of relentless rise in international oil prices to consumers.

The industry body says allowing banks to hold the yellow metal as part of their liquidity reserves would motivate them to introduce gold deposit schemes.

Struggling with a high trade deficit, India last year raised its gold import duty to a record 10 per cent and made it mandatory to export a fifth of all bullion imports.

India's consumption of gold rose to 310 tonnes in the second quarter ended June, highest in the last 10 years, despite government curbs to restrict imports to rein in burgeoning current account deficit, a World Gold Council (WGC) report said on Thursday.