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.

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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.