New Delhi, May 20 -- Petrol and diesel prices have increased by nearly Rs.4 following back-to-back price hikes over the past week. With crude oil prices still above $100 and no end in sight to the conflict in West Asia, at least two independent analysts have said retail fuel prices will have to increase by Rs.13-20 per litre to curb the losses of oil companies.

Mint explains why more fuel price hikes are probably on the way and what it means for consumers.

The simple reason is that oil marketing companies - Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd and Hindustan Petroleum Corp. Ltd - are still making losses on sale of petrol and diesel as crude prices have shot up above $100 a barrel from around $70 before the conflict began in F...