Petrol, diesel prices likely to rise further as crude oil hits $77 a barrel

Record domestic fuel prices are expected to rise further as crude oil shot past $77 a barrel on Tuesday after OPEC+, the producers’ cartel, failed to reach an agreement over increasing supplies.

Oil prices have gained $27 a barrel, or 54%, since the beginning of 2021 as global demand is gaining pace following wider vaccination while supply has been artificially curbed by OPEC+, a grouping of 23 oil-producing countries led by Saudi Arabia and Russia.