Crude oil prices are increasing rapidly amid increasing tension in West Asia. As a result, petrol prices in the country have reached ₹113 per litre, while diesel is selling at ₹100 per litre. Like every day, oil companies released new prices of petrol and diesel today; The good thing is that there was no change in prices across the country today.
**Expectation of increase in inflation**
Amid rising prices of petrol and diesel, rating agency CRISIL has released a report. It said petrol and diesel prices have increased by about ₹7.5 per liter since May 15, and if crude oil prices remain high, the rise could soon reach ₹10 per litre. CRISIL said that the increase in transportation costs will have an impact on the entire economy, which will increase the prices of food items and other goods.
**Possibility of increase in prices**
According to CRISIL, rising transportation costs may increase prices of food products like milk, fruits, pulses, tea-coffee, spices, eggs, meat and fish, as these products are highly dependent on transportation networks. The report said costs will also increase in sectors like textiles, consumer electronics, wood products, cement and ceramics. Chemical, coal and metal sectors will also be affected by inflation. In such a situation, companies can pass the cost on to customers or reduce production volumes.
