Hyderabad: Fuel prices zoomed up, and crashed

The year began with petrol being priced at Rs 74.09 per litre which rose to Rs 77 per litre in February.

Update: 2018-12-30 21:23 GMT
The Centre had reduced excise duty by Rs 1.50 a week ago, and oil marketing companies absorbed Rs 1.

Hyderabad: The rise in petrol and diesel prices has burnt a hole in the pockets of the middle class, agricultural and industrial sectors which tried to cope with escalating fuel prices throughout the year. 

The year began with petrol being priced at Rs 74.09 per litre which rose to Rs 77 per litre in February.

In April, May and June the prices jumped to Rs 82.98 per litre. Mr G. Vinay Kumar, general secretary of the Telangana Petroleum Dealers Association, said, “Petrol prices saw an upward trend due to crude oil prices. The Organisation of Petroleum Exporting Countries discussed the rising crude oil prices. The prices increased due to the fluctuating market conditions.”

October saw the highest at Rs 87.50 per litre. Since the, the prices have slid. In November and December the price has ranged from Rs 72 to Rs 74 per litre. Indications are that a stronger rupee, falling crude oil prices and stability in supplies could see the fuel prices fall further. This will happen around the time of the general elections. 

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