Published: Thu, May 17, 2018
Medicine | By Douglas Stevenson

Petrol, diesel prices shoot up in Hyderabad

Petrol, diesel prices shoot up in Hyderabad

Fuel prices were last hiked 19 days ago, and the substantial hike is likely to pinch commuters across the country.

(IOC) raised the price of petrol by 15 paise a litre and diesel by 23 paise a litre on Tuesday.

Petrol will now cost Rs 75 per litre in Delhi, Rs 77.79 in Kolkata, Rs 82.94 in Mumbai and Rs 77.93 in Chennai. In some cities, diesel prices have touched a record high while that of petrol are at a 56-month peak.

The previous highs in these cities were Rs 78.03 (Kolkata, August 2014), Rs 83.62 (Mumbai, September 2013) and Rs 79.55 (Chennai, September 2013) respectively.

Ltd (BPCL) on Monday ended a 19-day hiatus in revising petrol and diesel prices and reverted to the practices of changing rates on a daily basis. Within two days, petrol would cross Rs 80 a litre and diesel would reach Rs 74 a litre, Kumar said.

In addition, the high rate of excise duty has also contributed to the rise in prices.

With the United States reimposing sanctions on Iran, global oil prices are unlikely to come down any time soon.

The Rs4 per litre petrol hike is based on the assumption that global prices of diesel and petrol and rupee-dollar exchange rate remain stable hereon. "At this moment, it's just a speculation and can't be confirmed", said a senior official with the Oil Marketing Companies (OMC)."Any pricing matter is decided by the oil industry pricing group", added the official. The petrol costs Rs 78.01/litre, and the diesel is priced at Rs 69.33/litre. In the past, marketing margins have turned negative in the run-up to state elections in 2015 and 2017, though crude prices then had not risen much as compared to the current surge. "The recent trend of consistent depreciation in Indian rupee against U.S. dollar, if continued, may further elongate the period or require sharp hikes to bring retail fuel prices at market-determined level" said Bhatia.

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