Motorists are copping increasing costs at the petrol pump.
The Organisation of the Petroleum Exporting Countries comprises 14 member nations including Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar and the UAE.
Recently, Goldman Sachs projected an oil price hike to USD 83 per barrel, Morgan Stanley predicted oil hitting USD 90 per barrel, and Bank of America Merrill Lynch said that crude oil could hit USD 100 per barrel by next year.
According to the website of Indian Oil Corporation Limited (IOCL), the price of petrol was retailing at Rs 77.83/litre in the national capital; Rs 80.47/litre in Kolkata; Rs 85.65/litre in Mumbai; Rs 80.80/litre in Chennai and Rs 79.10/litre in Bengaluru.
Sudden hike in petrol and diesel prices was a result of uptick recorded in worldwide crude oil that had gone up due to multiple global factors- fear of new U.S. sanction on Iran and short supply.
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