Hyderabad is witnessing a rise in the petrol prices. The rise in the fuel prices continued with the petrol price increasing five times in the last 10 days, between the 6th of July to the 16th of July. Besides petrol, diesel prices also hiked five times in the same time period. The petrol and diesel prices were hiked by Rs 1.74 and 0.56 respectively since July 6.
As on today, the petrol price in Hyderabad was Rs 105.52 per litre and diesel at Rs 97.96 per litre. Earlier this month, the price of petrol was Rs 102.69 and diesel at Rs 97.20.
The hike in the fuel prices began in May and the petrol price touched Rs 100 on June 14.
Vinay Kumar, the President of the Telangana State Petrol Association said, “The constant hike of fuel has affected the monthly budget of the people especially those who commute.”
Vinay said that the petrol prices may go up further while the price of diesel witness a dip by the end of the month.
The major reason behind the rise in the fuel prices is to balance retail prices in line with global developments due to the rise in crude oil prices.
State owned fuel retailers, the Indian Oil Corporation Ltd., (IOC,) the Bharat Petroleum Corporation Ltd (BPCL) and the Hindustan Petroleum Corporation Ltd., (HPCL) resume daily price revision. Everyday fuel prices are updated at 6:00 A.M. Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.
