Explanation:

Let’s break it down:

- Option 1: "were being felt"

This is past continuous, so it means the effects happened and kept happening in the past—but not now. It doesn’t fit with "even now."

- Option 2: "are being felt"

This one’s present continuous. It means the effects started earlier and are still happening right now—which is exactly what "even now" is saying.

- Option 3: "has been felt"

That's present perfect, singular. It’d need "have" for plural ("effects") and doesn’t focus on the ongoing part.

- Option 4: "is being felt"

This one would work for a singular subject, but "effects" is plural. So, grammatically, it doesn’t fit.

So yes, the most natural and grammatically correct way is:

The effects of the fuel price hike are being felt severely even now.