Petrol, diesel rates may increase as global oil prices record spike

State-run fuel retailers may raise petrol and diesel rates soon due to rising international oil prices, bringing to an end about the month-long relief to consumers — initially due to small price cuts, and then maintaining pump prices for about two weeks, people aware of the development said.

Retail prices of petrol and diesel are likely to be affected with the surge in international oil prices which have increased by around $3 per barrel in the last 10 days, the people cited above said on condition of anonymity.

“In case international crude oil prices continue to remain at such high levels, an increase in retail prices going forward will be inevitable,” a person working in an oil company said.