Petrol prices touch new high in Hyderabad
This is the first time since the dynamic pricing system of daily price revision came into force that prices have soared upwards.
Hyderabad: Petrol prices in Hyderabad have touched a new high in a very short span of time. The price shot up to Rs 75.32 per litre, with diesel at Rs 67.22 per litre, on Tuesday. This is the first time since the dynamic pricing system of daily price revision came into force that prices have soared upwards.
The price has increased by more than two rupees in a very short span of time. On January 1, 2018, the price of petrol was Rs 73.24 per litre; it was Rs 75.32 per litre on Tuesday, an increase of '2.08. This is expected to increase to Rs 75.44 per litre on January17.
The upward trajectory will continue this month, say experts. It could shoot up to Rs 80 per litre by the end of this month as global oil prices continue their rally. The good times of lower costs appear to be over as rising crude oil prices in the international market pushed up the price by Rs 5 per barrel.
Biggest spike in global petrol prices was in 2013
“Barrel prices are increasing, consequently petrol and diesel prices are shooting up. Till the end of this month the prices will keep increasing by at least Rs 2 or Rs 3 more,” said G. Vinay Kumar, ex-general secretary, Telangana Petroleum Dealers Association.
The biggest spike in petrol prices occurred in 2013, when petrol prices shot up to Rs 80.58 per litre. But the Central government had intervened to bring down the price.
Diesel prices are also increasing. On January 1, diesel sold at Rs 63.24 per litre; this is expected to increase to Rs 67.28 on Wednesday, an increase of Rs 4.04.