Petrol price in Hyderabad likely to reach Rs 90 per litre

Petrol price in Hyderabad: Petrol price is likely to touch Rs 90 per litre soon in Hyderabad, according to the city petroleum dealers association. The petrol price in Hyderabad remained unchanged from December 8, 2020, to January 5, 2021. However, it started to increase steadily since January 6.

From January 5 to 14, the price of petrol increased by Rs.1.05 per litre in Hyderabad pushing the price from Rs 87.06 per litre to Rs 88.11 per litre. It is speculated that the petrol price would further go up in Hyderabad until the government reduce excise duty.

On the other hand, Oil companies executives said that petrol and diesel prices are likely to increase in 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.

It is also 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.