Hyderabad: Petrol and diesel prices in Hyderabad and other cities in India are likely to rise due to the decision of OPEC plus countries to cut oil output. On Sunday, Saudi Arabia, Iraq, and Russia announced a further reduction in oil output. This voluntary cut is in addition to the reduction in production agreed upon during the 33rd OPEC and non-OPEC Ministerial Meeting in October 2022.
The decision to cut output will impact India’s fight against high inflation. The rise in the price of Brent crude oil, which reached USD 85.07 per barrel today, is the result of this decision. The last time oil prices soared was when Russia invaded Ukraine in February 2022.
How prices are calculated in India?
Oil companies review and revise the prices of petrol and diesel on a daily basis. The new prices become effective from 6 a.m. every morning.
The daily review and revision of prices are based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates. Oil Marketing Companies are free to revise product prices based on economics.
Petrol, diesel prices in Hyderabad
The prices of petrol and diesel vary from state to state due to different rates of Value Added Tax (VAT) by the state governments. In Hyderabad, as of April 4, the prices of petrol and diesel were 109.66 and 97.82 per litre, respectively.
Here are the fuel rates in other metros:
| Cities | Petrol price per liter | Diesel price per liter |
| Hyderabad | Rs. 109.66 | Rs. 97.82 |
| Delhi | Rs. 96.72 | Rs. 89.62 |
| Mumbai | Rs. 106.31 | Rs. 94.27 |
| Kolkata | Rs. 106.03 | Rs. 92.76 |
| Chennai | Rs. 102.63 | Rs. 94.24 |
The rise in petrol and diesel prices due to the cut in oil output by OPEC plus countries will have a direct impact on the common man’s budget. The increase in fuel prices will lead to an increase in transportation costs, which will further lead to an increase in the prices of other commodities.
