Fuel prices take a downward curve

Petrol prices went below Rs 85 per litre mark, while diesel prices did not stay behind, dropping below Rs 80 a litre

By   |  Published: 21st Sep 2020  12:13 am

Hyderabad: Fuel prices which for last two months maintained an upwardly trend, rising consistently albeit in small increments, have started to take a downward curve in the last few days. The petrol prices went below the mark of Rs 85 per litre, while diesel prices did not stay behind, dropping below Rs 80 a litre.

The prices of fuel have been going down since the last two weeks following the impact of the international crude oil market in the country. On Sunday, the price of petrol in city stood at Rs 84.33 a litre while diesel price dropped by 25 paise to settle at Rs 78.03 a litre.

The drop in fuel prices had been more for diesel price, coming down almost by Rs 2 this month itself, compared to petrol. The diesel prices which remained unchanged in August, have been witnessing a drop since September first week. In the last 18 days, the price of diesel dropped considerably from Rs 80.17 per litre on September 2 to Rs 78.03 on September 20.

Similarly, the price of petrol came down from Rs 85.30 a litre on September 7 to Rs 84.33 a litre on September 20.

Beginning June 7, the fuel prices have been on the, rising steadily in the city from Rs 73.97 per litre of petrol whereas diesel moved up from Rs 68.42 per litre.

Since fuel prices are based on a dynamic pricing system that the Central government brought into force in 2017, fuel price mostly witnessed hike following relaxations in the lockdown, which has now started to drop a bit.

According to petroleum dealers, the price of fuel may fall a bit more in the coming days following the current movement in the international oil price.

 


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