In case you thought petrol @Rs 100 won’t become the new normal just yet, think again

The Indian consumer’s hope that petrol @Rs 100 might not become the new normal just yet, may have been dashed.

Yesterday, OPEC+ — the grouping of major oil producers — made public its plan to continue with its production cuts till April. It effectively means that if you are headed to the petrol pump, brace yourself to keep paying more for longer than you thought you would.

In all likelihood, the move by OPEC+ would push retail fuel prices to new highs in yet more towns and cities in India, putting paid to the hope that Indian consumers may get some relief at last.

The Indian government was hoping that oil exporting countries would end the ongoing production cuts by March end, which would have brought local prices down in importing countries like India.