Consumers will have to brace themselves for a rise in the cost of living after government announced a massive seven percent increase in the retail price of petrol for a litre in just one month. There are growing concerns that the hike could trigger more generalised inflationary pressures as workers will demand higher wages.
The rising fuel prices are blamed on higher international crude oil prices - above 90 dollars per barrel.
The escalating crisis between Russia and Ukraine is keeping crude oil prices up amid supply fears.
Further sanctions on Russia by the US and UK have also contributed to the increase in crude oil prices.
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