Hyderabad: Although the petrol price has not increased in Hyderabad for the past two days, city petroleum dealers say that it will not be a surprise if it breaches Rs. 90-mark, Telangana Today reported.
The price that remained unchanged for the period from December 8, 2020 to January 5, 2021 started climbing up slowly from January 6.
From January 5 to 14, the price of petrol increased by Rs.1.05 per liter in Hyderabad. Per liter price climbed from Rs. 87.06 on January 5 to Rs. 88.11 on January 14.
Petroleum dealers speculate that the price of petrol may continue upward trend in Hyderabad unless government reduce excise duty.
Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.
It is being said that the rise is primarily on account of Saudi Arabia’s decision on unilateral production cuts to balance oil prices on pandemic-affected demand reduction in an oversupplied market.
