Express News Service
CHENNAI: Petrol prices have crossed Rs 100 a litre in Tamil Nadu, and if economists are to be believed, the prices will continue to hover around this rate until international crude oil prices fall.
Crude oil prices in the global market increased from around $52 a barrel early this year to around $75 now. This is nearly double the pre-pandemic rate of $39 a barrel. That said, even when prices were low globally, fuel prices were high in India. The reason cited was a shortfall in government revenue.
What this means for you
The increase in fuel prices is likely to trigger a domino effect of price hikes, starting with an increase in the prices of essential commodities and the cost of commuting.