A series of hikes in petrol and diesel prices at the retail level has triggered concerns over rising inflation, with economists estimating an addition of around 30 basis points to the near-term outlook. However, they are yet to revise their inflation outlooks for the full financial year; recent estimates were moderately higher than 4.6% projected by the Reserve Bank of India (RBI). State-run oil marketing companies hiked petrol prices by Rs 2.61 per litre and diesel by Rs 2.71 per litre on Monday. This is the fourth consecutive increase, taking the cumulative hike to Rs 7.5 per litre over the past two weeks. While the magnitude of the hikes is still around what analysts had projected earlier, given that OMCs’ under-recoveries still need to be bridged, a few more rounds of price adjustments cannot be ruled out.