Upward spiral of diesel and petrol prices likely to continue

Fuel prices, which rose to fresh highs on Tuesday, are expected to continue their upward spiral with crude oil rising above $66 a barrel in the international market and no hint of tax cuts from the government.

Wider vaccine roll out, falling Covid cases, increased economic activity and artificial supply restrictions by key producers are boosting oil prices that have risen two-thirds since October. Investment bank Goldman Sachs expects prices to rise to $70 by the second quarter of the year.