Quickonomics: From pumps to prices

Retail petrol and diesel prices have risen ~Rs 7.5/litre since May 15.

Further hikes are possible if crude prices remain elevated.

With oil marketing companies gradually paring their losses (or under-recoveries), cumulative hikes could move closer to Rs 10/litre in the near term.

The broader effect will reverberate across the economy through higher transport costs, pushing up both food and core inflation.