Hyderabad sees surge in fuel price, petrol at Rs 92.26 on Sunday

Petrol and diesel price in Hyderabad has been fluctuating over the past week. After oil marketing companies hiked fuel prices by almost 30-34 paise.

By Newsmeter Network  Published on  14 Feb 2021 12:25 PM GMT
Hyderabad sees surge in fuel price, petrol at Rs 92.26 on Sunday

Hyderabad: Petrol and diesel price in Hyderabad has been fluctuating over the past week. After oil marketing companies hiked fuel prices by almost 30-34 paise, on 14 February, the petrol price was at a record high of Rs. 92.26 while the diesel price in the city was Rs. 86.23.

The petrol and diesel price stayed stable for four days in the first week of February and on 8 February they were Rs. 90.42 and Rs 84.14, respectively.

Petrol and diesel rates are revised on a daily basis in line with changes in international crude oil prices.

"The price of crude oil in the international market is going up every day. The price in the state as well as in the country will go up for the next two weeks. Maybe in the future, it may touch Rs. 100 in the city. It all depends on whether the state and Central governments reduce the taxes," said G. Vinay Kumar, the general secretary of TS Petroleum Dealers Association.

Responding to questions on the hike in fuel prices in the Parliament, petroleum minister Dharmendra Pradhan on 10 February said retail pump rates are controlled by international prices as India is 85% dependent on imports for meeting its needs. "When the international price of crude oil is higher, we have to increase the prices and when the international price is lower, we have to decrease the prices here too. This is a market mechanism that is followed by oil marketing companies. We have given the freedom to them," the minister said during the Question Hour in the Rajya Sabha.

The government ruled out any cut in excise duty to give relief to end-consumers from the increasing retail prices of petrol and diesel which have soared to all-time highs.



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