The prices of petrol and diesel remained constant on Monday, May 18, after the Centre announced a hike of Rs 3 per litre last week. Citizens are expecting a second round of hikes in the fuel prices after the rally in global oil prices continued due to ongoing conflict in the Middle East. Oil company executives indicated that petrol and diesel prices could rise further, though any decision will depend on government approval, as well as the timing and scale of the hike.
The rising crude oil prices are putting pressure on India’s foreign exchange reserves, given that India imports 85-90 per cent of its crude oil. The petrol and diesel prices were hiked owing to the financial losses public sector oil marketing companies were having.
