New Delhi: The upward spiraling spree of the fuel prices to continue as the government still remained unwilling to give up some of the additional excise duty gains it had made when oil prices were low. Neither are states willing to step in and cut VAT to ease the burden on consumers. So be ready to pay through your nose for petrol and diesel.

"Petroleum products are international commodity. Whenever there is a price hike in crude oil then there are some pinching prices in our market also. India is a consumer sensitive country. We are concerned and keeping an eye," oil minister DharmendraPradhan said on Monday, giving no indication of any government intervention.

Later in the day, agency reports quoted finance secretary HasmukhAdhia ruling out a cut in excise duty to lighten the burden of consumers. "Not as of now. Whenever we review it (excise duty cut), we will let you know," the reports quoted Adhia as saying. 

The statements came on a day when benchmark Brent crude, which makes up 28% of India's imports, hovered near $70 a barrel after hitting this level on Friday, the first time since January. All indications are that the West's tensions with Iran and Russia as well as reports of an impending meeting between Opec and US shale industry for ways to balance market supplies are likely to keep oil prices on the boil.

This leaves consumers at the mercy of global oil markets. Consumers feel the pinch of every cent by which crude rises immediately due to the daily price revision introduced since June last year, unlike in the past when a spike in crude prices for a day or two would not matter much due to the fortnightly revision. On Monday, both petrol and diesel prices rose to new record levels.