Fuel price hiked for 16th day in a row in Telangana

Hyderabad: Petrol prices were hiked by 37 paise per litre and diesel by 58 paise on Monday, June 22 in Telangana, taking the cumulative increase in rate in 16 days to Rs 8.61 a litre and Rs 9.24 respectively. Petrol price in Telangana was increased to Rs 82.43 per litre from that of Sunday which was at Rs 82.25 while diesel rate were increased to Rs 76.92 a litre from Rs 78.27.

In Hyderabad, petrol price today is 82.59, which means a 34 paise hike and diesel is Rs 77.06 per litre, a 57 paise hike.

G. Vinay Kumar – former general secretary of Telangana Petrol Bunk Association told NewsMeter, “On June 6, the petrol price was Rs 73.82 and diesel was Rs 67.68. The current price of petrol in Telangana is Rs 82.43 per litre and diesel Rs 76.92 per litre. The increase in price is a result of spike in cost of barrel and it is expected to go up for three more days.”

Fuel rates have been increased across the country and varying from state to state depending on the incidence of local sales tax or value added tax, he added.

With the central government easing restrictions on Covid-19 lockdown from June 8, the demand for fuel has increased across the country.

Earlier, on June 10, the Indian Oil Corporation (IOC) said that it has boosted the run rates of the refinery to around 83 per cent of their capacity following the increase in demand. It stated that the fuel demand has doubled after the lifting of lockdown.

Oil prices in the international market witnessed a sharp drop in March and April due to lockdown. With the partial lifting of lockdown, experts feel that that there may be further revision in the fuel prices in the days to come.