Petrol @ Rs 100.20: Fuel prices burn hole in common man's pocket in Hyderabad

Petrol price on Monday breached Rs 100 mark in Hyderabad. Petrol was selling at Rs 100.20 per liter, while the diesel was priced at Rs 95.14.

By Newsmeter Network  Published on  14 Jun 2021 3:48 AM GMT
Petrol @ Rs 100.20: Fuel prices burn hole in common mans pocket in Hyderabad

Hyderabad: Petrol price on Monday breached Rs 100 mark in Hyderabad. Petrol was selling at Rs 100.20 per liter, while the diesel was priced at Rs 95.14.

Petrol price has increased six times since June 1. On Monday, the price increased by 30 paisa from Rs 99.90 to Rs 100.20 at the Indian Oil Petrol pumps. The price at Bharat Petroleum was 99.96 on Sunday.

The price of petrol has breached the Rs 100 per liter mark in as many as 24 of the 33 districts in Telangana state on Sunday itself.

The petrol Price of Hyderabad was updated every 15 days or two weeks before June 16, 2017. The pricing method was dependent on both the international market's 15-day average price of crude oil and the currency exchange rate between rupee and dollar.

The global markets have not seen too much of a change in crude prices, though much of the output would largely depend on global factors.

But currently, India is moving with the new 'Dynamic Fuel Pricing' pricing mechanism across all the cities and states including Hyderabad. By considering this mechanism the Hyderabad petrol price is updated regularly by taking into account the 14-day average crude oil price and the exchange value of the rupee-dollar.

The Oil Marketing Companies (OMCs) like Indian Oil Corporation Ltd. (IOCL), Bharat Petroleum Ltd. (BPCL), and Hindustan Petroleum Corporation Ltd. (HPCL) set the petrol price of Hyderabad every day at 6:00 am IST.

Also, there may be local variations in the price of petrol or diesel per liter between districts and this is on account of transportation costs of fuel in tankers, which works out to around 26 paise per liter, and the distance from supply depots to the bunks where it is ultimately dispensed to customers.

Meanwhile, with petrol and diesel prices breaking a new record, oil minister Dharmendra Pradhan on Sunday said the Congress governments in Rajasthan and Maharashtra should cut high sales tax if the party was concerned about fuel price burden on the common man.

"I accept that fuel prices are pinching consumers," he said, adding the government is spending Rs one lakh crore on providing free food grains to the poor this year besides spending money on vaccines and healthcare infrastructure.

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