Petrol nears Rs 113 in Hyderabad after fresh fuel price hike

Petrol and diesel prices were hiked again in Hyderabad amid soaring crude oil prices linked to the West Asia conflict. Petrol now costs Rs 112.81 per litre, while diesel crossed Rs 100. IOC said fuel shortages reported at some outlets were temporary and localised

Hyderabad: With crude oil prices soaring amid the conflict in West Asia, the Central government once again hiked petrol and diesel rates on Saturday.

Petrol prices went up by 87 paise and diesel prices increased by 91 paise. This is the third such hike in the last 10 days. With the latest revision, a litre of petrol now costs Rs 112.81, while diesel is priced at Rs 100.94 per litre in Hyderabad.

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Before the hike, petrol was priced Rs 111.77 per litre and diesel Rs 99.89 per litre in Hyderabad.

On May 15, the prices of petrol and diesel were hiked to Rs 110.78 and Rs 98.90 respectively. Prior to this hike, price revision saw a hike of Rs 3.39 for petrol (old price Rs 107.39) and Rs 3.26 for diesel (old price Rs 95.64).

Meanwhile, the Indian Oil Corporation (IOC), the nation’s largest oil firm, said there was no overall shortage of petrol and diesel in the country. The fuel outages reported at some retail outlets were “highly localised” and temporary, caused by regional demand-supply mismatches and shifting sales patterns, it said.

According to the IOC, only a “very small number” of outlets in its network of more than 42,000 fuel stations had witnessed supply disruptions, while stocks and supplies at majority of pumps remained normal and adequate.

Higher demand at certain outlets was driven by a seasonal rise in diesel consumption during the harvesting season and migration of customers from private pumps where retail prices were relatively higher, and increased institutional purchases at public sector outlets as bulk fuel supplies were being priced in line with elevated international rates, it added.