Petrol prices hit 3-year high in Hyderabad

Petrol prices in the country touched their highest levels since Prime Minister Narendra Modi assumed office three years ago even as the Indian basket of imported crude oils gained nearly $3.50 a barrel during last week.

Under the daily revision of fuel prices, petrol in Mumbai on Monday cost Rs 79.41 a litre, breaching the level it last touched in August 2014.

Post revision, petrol per litre cost Rs 74.41 in Hyderabad, Rs 76.65 in Vijayawada, Rs 70.30 in Delhi, Rs 73.05 in Kolkata and Rs 72.87 in Chennai. Similarly, diesel price was Rs 63.68 per litre in Hyderabad, Rs 65.01 in Vijayawada, Rs 58.62 in Delhi, Rs 61.27 in Kolkata, Rs 62.26 in Mumbai and Rs 61.73 in Chennai.

Following the rise in global crude oil prices, petrol price was hiked by 13 paise a litre and diesel by 25 paise per litre, applicable from 6 a.m. on Monday. Petroleum products do not come under the Goods and Services Tax (GST) and prices vary at locations according



to state taxes.

Earlier this month, Petroleum Minister Dharmendra Pradhan said the dynamic pricing regime would continue despite petrol prices going up by over Rs 7 per litre since the scheme was introduced pan-India from mid-June.

He said dynamic pricing ensures that the benefit of even the smallest change in international oil prices can be passed down the line to the dealers and the end-users. "Daily revision in prices is good. When we started daily revisions on June 16, rates dropped in the first fortnight. Thereafter, it has increased mainly because of rise in global oil prices," he said.

Daily revision allows any fall in international oil rates to be passed on to consumers immediately rather than having to wait for 15 days as in the old system, he added. "Should prices be hiked by Rs 2.50 or Rs 3 per litre in one go or they should be spaced out in small doses," he asked.