Hyderabad: Petrol prices which started to take an upward curve in the month of November seem poised to touch the Rs 80 per litre mark soon.
The upwardly trend is attributed to crude oil rates at global level bouncing back and fuel retailers hiking the prices. On Wednesday, the petrol price was fixed at Rs 79.81 a litre, which is the highest price for fuel this year.
In the last one month, petrol prices rose by almost Rs 2 a litre i.e., from Rs 77.91 a litre on November 11 to 79.81 a litre on December 11.
Diesel prices, however, did not register much change during the same period. If the diesel price on November 11 was 71.86 a litre, it went up in small increments to stand at Rs 72.07 on Wednesday.
As per the daily pricing mechanism in India, the retail prices of fuel depend on the global crude prices wherein oil marketing companies review domestic rates of petrol and diesel on a daily basis and implement any changes with effect from 6 am.
Meanwhile, in New Delhi, the petrol prices touched the Rs 75 per litre mark. This resulted in the denizens in the national capital taking to social media and decrying the increase.