Petrol price hikes are back! Global crude prices hit 3 year high

Petrol price hikes are back after a 2-month break as global crude prices have seen a big rally. Petrol prices were hiked by 20 paise across the nation on Tuesday, the first hike since July 15. Diesel prices saw a hat-trick of hikes with an increase of 25 paise from the fuel retailers. 

The pressure comes from an international rally in crude prices. Brent, the price closest to India's crude import prices closed at the highest in nearly three years. Oil is rallying as stockpiles globally are falling sharply ahead of winter and OPEC+ only slowly adding barrels back to the market

Also Watch: EJ Explains| Why is Britain out of gas?

Brace yourself for higher petrol prices as Goldman Sachs predicts that Brent could hit $90 by year-end as the market is in a bigger deficit than many realize.