Hyderabad: Petrol prices in Hyderabad maintained its northward rally on Sunday as oil marketing companies increased it by 30 paise per liter. The rate was hiked for the sixth day in a row.
In the city, the price of petrol per liter climbed from Rs. 91.96 on Saturday to Rs. 92.26 on Sunday. During the same period, the price of diesel per liter increased from Rs. 85.89 to Rs. 86.23.
If the northward trend continues, the petrol price in Hyderabad may breach the Rs. 100 mark in the next few weeks.
Oil companies executives said that petrol and diesel prices may increase further in the coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making a loss on the sale of auto fuels.
However, experts said that fresh lockdown in various parts of the globe on new coronavirus strain may push down prices soon.
Last week, Oil Minister Dharmendra Pradhan had told Parliament that the government is not considering a reduction in excise duty to cool rates from their record highs.
Central and state taxes make up for over 61 per cent of the retail selling price of petrol and about 56 per cent of diesel.
In line with fluctuations in international crude oil prices, petrol and diesel rates are updated on a regular basis.