Hyderabad: Petrol prices in Hyderabad maintained its northward rally on Friday as oil marketing companies decided to increase it by 33 paise per liter. The rate was hiked for the eleventh day in a row.
Due to upward price revision, the price of petrol per liter in the city climbed from Rs. 93.45 on Thursday to Rs. 93.78 on Friday. During the same period, the price of diesel per liter climbed from Rs. 87.55 to Rs. 87.91.
During the last 50 days, the oil companies hiked the fuel prices 23 times. The prices have reached all-time high in all states.
Petrol price in Hyderabad likely to touch Rs 100
If the northward trend continues, the petrol price in Hyderabad may breach the Rs. 100 mark in the next few weeks.
Oil companies have attributed the hike to the rally in oil prices in international market due to output cut by oil producing nations.
Union Petroleum and Natural Gas minister Dharmendra Pradhan on Thursday urged Saudi Arabia and other global oil producers to ease the production cuts as rising the international oil prices are hurting economic recovery and demand.
Earlier, Prime Minister Narendra Modi said the middle-class would not have been burdened if the previous governments had focussed on reducing India’s energy import dependence.
Attempts to reduce dependency on import
Ethanol extracted from sugarcane is being doped in petrol to reduce the requirement of imports.
Currently, 8.5 per cent of petrol is ethanol and this proportion is targeted to be raised to 20 per cent by 2025, helping cut imports as well as give farmers an alternate source of income.
The focus now is also towards using renewable sources of energy.
With inputs from agencies