After Telangana polls, petrol price hiked by 10 paise

After a 45 day gap, on December 12, a day after assembly results, petrol price increased by 10 paisa, say dealers.

Update: 2018-12-14 19:31 GMT
The Legal Metrology Department received a complaint about petrol pumps on Thursday from the Telangana Auto Drivers Welfare Association. (Representational Images)

Hyderabad: Petrol prices across India jumped by 10 paise while diesel deceased by the same amount. The per litre diesel cost in Telangana stands at Rs 70 which was Rs 70.10, a day before, while petrol per litre is Rs 74.36.

After a 45 day gap, on December 12, a day after assembly results, petrol price  increased by 10 paisa, say dealers. However in the past (that is between the last week  of October to December 11)  the price of petrol per litre was stagnant. 

“During early October, the petrol cost was around Rs 84. However as the rupee gained strength and the barrel rate dropped, the petrol cost dropped by Rs 10 on the whole, 

i.e. from Rs 84 it reduced to Rs 74 and remained at that cost for the last 45 days,” said a dealer.  

He added that this was the first time in the recent past where petrol increased by 10 paisa and diesel decreased by the same amount. A similar episode was witnessed post Karnataka elections.  After the results, the fuel prices increased in the state.

For every one dollar rise in Brent crude prices of one barrel, the oil companies in India increase petrol and diesel prices by 40 paisa per litre. Since April 24 when the petrol price was revised, Brent crude prices in the international market have gone up by nearly $5 a barrel.

Global crude prices too have seen a rise after oil suppliers cartel Opec decided to slash oil producing to arrest the falling crude oil prices due to milder than expected US sanctions on Iran and lower oil demand scenario.

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