Hyderabad: Fuel prices have hit an all-time high in the city with petrol costing Rs 75.32 per litre and diesel Rs 67.09 per litre. The petrol and diesel prices, which had dipped slightly after an excise duty cut of Rs 2 during October-November, began rising in December to Rs 73 per litre and Rs 63 per litre respectively, and have now increased to a three-year high.
As if this was not enough, according to dealers in Hyderabad, the fuel prices are expected to increase further in the coming days. Many are attributing this trend to the rise in crude oil price globally. In September 2015, the diesel price had touched the highest till then, at Rs 64 per litre, and now with the latest hike, it is going to cast an adverse impact on different sectors, dealers feel.
Beginning with transportation, civil contracts and commodities, there is a possibility of the hike in diesel prices having a widespread impact, said Rajiv Amaram, joint secretary, Consortium of Indian Petroleum Dealers (CIPD).
Fuel prices have been increasing steadily over the last couple of months and oil companies are increasing the prices by 10 to 15 paise according to the daily price revision system. On July 1, 2017 diesel price was Rs 58.09 per litre in the city and on Tuesday, it reached Rs 67.23 per litre. Similarly, petrol price was Rs 66.93 per litre on July 1 and now it stood at Rs 75.47, he pointed out.
Fuel dealers, especially those operating outlets on the Karnataka border are already registering a slump in diesel sales due to a difference of nearly Rs 5.50 per litre compared to the price in Telangana. Consumers in Patancheru, Zaheerabad and other areas visit Bidar or other places to purchase diesel. CIPD has been demanding implementation of GST, which ensures uniform fuel prices across the country, says Amaram.
With the new system of daiy revision, fuel prices have increased steadily over the months. With the daily hike being of a few paise, consumers barely notice this, said G Vinay Kumar, general secretary, Telangana Petroleum Dealers Association.
“Tough days are ahead. One should not be surprised, if the diesel price too increases to Rs 70 per litre in the coming days,” said Vinay Kumar.