Hyderabad: Petrol and diesel prices in the city touched a four-year high on Sunday. The price of petrol was Rs 78.08/litre and diesel Rs 70.16/litre, the highest since September 2014.
Fuel prices are being revised every day since June 2017. On Monday, petrol will be sold for Rs 78.08 and diesel for Rs 70.19. These fuel prices are higher than even international crude prices that peaked at $115 in 2014. The fuel prices started increasing from 2017.
On November 1, 2017, the petrol price in the city was Rs 73.21 and diesel, Rs 62.72.
By December 1, 2017, the price increased to Rs 73.24 and Rs 63.40 respectively.
By January 1, 2018, it increased to Rs 74.04 and Rs 64.81.
By January 25, 2018, the price went up to Rs 76.61 and Rs 68.72.
By Feb ruary 1, the petrol price pea ked at Rs 77.21 and diesel at Rs 69.51.
After that, the prices came down slightly in March with petrol at Rs 75.71 and diesel at Rs 67.56 on March 1.
But towards the end of March the prices started going up again.
The Centre had earlier this year sou ght a red uction in excise duty on petrol and diesel to cushion the impact of rising international oil rates, but finance minister Arun Jaitley, in his Budget presented on February 1, ignored those calls.
The Centre raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once, in October last year, by Rs 2 a litre. Subsequent to that excise duty reduction, the Centre asked states to also lower VAT, but just four of them — Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh — reduced rates while others didn’t.
