Fuel prices set to increase further over next few months
CHENNAI: Already selling at record highs, auto fuels are expected to get even dearer for Indian consumers over the next few months. Notwithstanding the brief dip in crude oil prices due to a high number of delta variant Covid-19 cases in July and August, a faster-than-expected bounce-back in economic activity has resulted in a swift increase in prices too — a trend that is expected to continue over the rest of 2021.
Brent crude is currently trading at just under $80 a barrel on the spot market, a level not seen since October 2018. A September 26 Goldman Sachs research note says that despite the OPEC+’s decision to continue with their plan to increase production, the quick recovery from the delta variant is set to push oil prices to $90 a barrel by the year-end.
