How much is the spike in petrol and diesel expected this week?

The petrol and diesel price hike could come as early as the evening of 07th March after the last round of elections in UP are complete and the code of conduct stops to apply. Experts are already pegging the likely rise in petrol and diesel in the range of Rs.15 to Rs.22 per litre, which will be one of the sharpest price hikes in recent memory.

However, that is not too surprising since Brent has rallied 88% in just over 3 months from $69/bbl to $130/bbl. To be fair, the government may combine the hike in petrol prices with a cut in excise duties but that would be quite small and the next impact on the customers and on inflation overall will be substantial.