The fuel prices across the country remained majorly unchanged on May 30, despite the ongoing war in the Middle East impacting fuel prices globally.
The last hike on May 25, which was the fourth straight hike this month, saw petrol prices rise by Rs. 2.61 per litre and diesel by Rs. 2.71 per litre.
Industry executives and sector analysts said the incremental hike cycle was unlikely to end soon as state-owned oil marketing companies were recovering current revenue losses and recouping past under-recoveries.
The finance ministry has warned that recent increases in petrol and diesel prices could trigger both direct and indirect inflationary effects, while a deficient monsoon could add food price pressures on top of energy-driven inflation.
