Petrol prices once again became headlines in India for crossing the mark of Rs. 100 in several states of India. Since the past few weeks, the constant rise in petrol prices has raised concerns for the common public, especially in metropolitan cities like Chennai, Bengaluru, Mumbai, Kolkata and Delhi.
In Hyderabad also, the price of petrol is expected to cross Rs. 100 soon. This is the fifth time in June that petrol prices have increased in Hyderabad. Considering the continuous rise of fuel prices, petrol is likely to cross Rs. 100 in Hyderabad this week. In Hyderabad, petrol is at Rs. 99.31 per litre and diesel price is Rs. 94.26 per liter as of the 9th of June. In several other States, including Maharashtra, Rajasthan and Madhya Pradesh, petrol prices per litre have already crossed Rs. 100.
G. Vinay Kumar, the General Secretary of Telangana Petroleum Dealers Association, said that although there is no reason for the fuel prices to increase, they are continuing upwards trends. The prices have been decided by the oil companies ever since the beginning of the dynamic pricing system. He also said, the fuel prices are fixed by Oil companies in India, depending upon the international pricing of the Crude oil. In addition, Brent Crude, the global oil price benchmark, has risen above the United States Dollars (USD) 71 per barrel for the first time in two years.
The recent series of hikes has shot up petrol price by more than Rs. 5 per litre, while diesel price has gone up by Rs. 5.56 per litre in India. However, prices of fuels like petrol and diesel are different for different states due to the imposed freight charges, local taxes, and value added tax (VAT.)
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.