Bad news for the motorists!

Petrol and Diesel prices have hit an all-time high in Hyderabad. According to the reports, the prices are expected to increase further in the coming days.

International crude oil price is on a rallying streak hovering at around $70 a barrel as the demand is increasing whereas its production has been limited. The government last year began to price fuel in India at par with global crude oil price by following a dynamic pricing model that revises the price of diesel and petrol on a daily basis.

With petrol costing Rs 75.32 per liter and diesel Rs 67.09 per liter at the time of writing this article, the prices have now increased to a three-year high.

Fuel dealers operating outlets on the Karnataka border are already registering a decline in diesel sales due to a difference of nearly Rs 5.50 per liter compared to the price in Telangana.

The government in the month of October last year had cut excise duty on retail fuel by Rs. 2 per liter but the steep rise in crude oil cost has stemmed most of the if not complete impact due to it. In the national capital, the price of petrol and diesel today is Rs. 71.39 and Rs. 62.06 per liter respectively which is higher in comparison to yesterday’s price that stood at Rs 71.27 and 61.88 per liter for petrol and diesel respectively.

Telangana Petroleum Dealers Association general secretary, G Vinay Kumar shared that tough days are ahead and it won’t be a surprise if the diesel price increases to Rs 70 per liter in the coming days.

With the new system of daily revision, fuel prices have increased steadily over the months but consumers are failing to notice the daily hike of a few paise.