Big hike in fuel prices expected as international crude prices soar

New Delhi: Petrol and diesel prices may see an increase of Rs 5 to Rs 6 per litre on Thursday as the international market hitting $55 a barrel.

It is being said that the fuel prices can be revised by the oil companies after their meeting today.

Though, the fuel prices are revised every 15 days as per international prices of crude and Rupee value against the dollar.

However, sources said, due to demonetisation, the government may decide not to go for a hike in one go.

It is to be noticed that crude oil prices have more than doubled from its low of $27.88 a barrel recorded in January to hover near $55 a barrel and may pose a risk to the broader market, in general, and select sectors, in particular, if the trend continues in 2017.

According to the media reports, the Crude oil prices have shot up 15 per cent in last two weeks and Indian consumers may soon have to cough up more, though the fuel price hike may happen in installments.

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