Analysts expect fuel prices to go up if global prices rise further

Brent crude oil prices remained near three-week highs of $92.9 per barrel as of late Thursday

A day after the Organization of the Petroleum Exporting Countries (Opec) and its partners, such as Russia, announced a cut in Opec+ crude oil output by 2 million barrels per day (bpd), analysts said they expect pump prices for fuel to go up soon in India.

The production cut will lead to 2 per cent of global oil supply going offline starting November. As a result, oil prices are headed for choppy waters ahead, analysts feel.

“The government had not raised retail prices of fuel for some time now, especially when retail prices in India were lower by 12-14 per