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Fuel prices may touch all-time high in Hyderabad

Fuel prices may touch  all-time high in Hyderabad

Petrol rates in Hyderabad may hit an all-time high of Rs 82 by month end while diesel rates may touch Rs 78 mark. Oil marketing companies (OMCs) are on spree of hiking the prices of petrol and diesel.

The fuel prices con- tinue to see hike since July 5 when Finance Minister Nirmala Sitharaman raised rates by nearly Rs 2.50 a litre owing to an increase in excise duty.

Meanwhile, experts asked the state government to take a look at reducing sales tax and central government to slash the excise duty to make the fuel affordable.

G Vinay Kumar, former general secretary of TS Petroleum Dealers Association said, “On Friday, the petrol price is at Rs 76.05, while diesel is at Rs 72.9. If things contin- ue the same way, by month end, petrol will touch Rs 82- 83 per litre mark while diesel will go up to Rs78-79. We urge the Central govern- ment or the state government to intervene immediately as companies cannot take the burden. At least Rs 2 reduc- tion either in sales tax or excise duty would reduce the burden on consumers as well”.

Even though Saudi Arabia’s pledged to restore full production by September end, dealers are not very hopeful. The crude oil prices are going up due to supply related concerns after a drone and missile attack on the Saudi Arabia’s oil facilities that slashed over 5 per cent of global oil supply.

Authored by Mohammed Hussain, mohammedhussain.reporter@gmail.com Twitter: @writetohussain

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