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Highlights

  • Crude Oil at the highest level since October 2014
  • Brent benchmark back at over $87/bbl
  • Goldman Sachs bets on oil prices at $100

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Petrol price hike coming? Crude oil prices surge, Goldman bets on $100

Experts see cumulative hikes of Rs 2-3/litre in petrol prices as crude hits close to the $90/bbl mark. 

Updated: Sep 02, 2022 10:53
|

EJ Biz Desk

Petrol price hike coming? Crude oil prices surge, Goldman bets on $100

Petrol prices have been unchanged for over 75 days but that is likely to change now. Global crude prices have surged to a 7 year high to levels last seen in October 2014. This adds pressure for oil retail companies to raise prices at the pump.

Also watch: Microsoft spends $69 billion to buy the creator of Call of Duty and Candy Crush

Brent - the key global oil benchmark - soared to over $87 per barrel mostly due to rising geopolitical tensions and supply-side disturbances due to Yemen's Houthi group's attack on oil facilities in the United Arab Emirates. Also, global demand is rising as inventories are waning. Goldman Sachs is betting that crude oil prices will be back at $100 by September this year.

Experts see cumulative hikes of Rs 2-3/litre in petrol prices as crude hits close to the $90/bbl mark.

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