Petrol Price in Telangana (23rd April 2024)

The Indian oil companies have started to cut the prices of the petrol slightly on day to day basis from past three days. Today the price of petrol in Hyderabad is down by 6 paise compared to its previous day’s price.

After 16 days of the continuous price hike, the cut in the price of fuel has brought in some respite amongst the Indian consumers who were otherwise bearing the wrath of expenses in the form of fuel purchase.

Today’s price of petrol per liter in Hyderabad stands at Rs 82.94.

Brent crude oil surged to record $80 per barrel in the month of May in the United States of America, which impacted on the prices of petrol in India as well as other countries which mainly depend on imports of oil from the U.S.

The hike in the rates of petrol further fueled inflation rates in the country.

The rates of petrol were cut by 7 paise a liter for the second day in a row amidst softening international oil prices.

Indian Oil announced cut in the price of petrol by 1 paise per liter yesterday which saw the beginning of the reduction in the prices of the fuel which witnessed a continuous rise in the prices for over 16 days in a row.

In spite of the cut in the price of petrol, the prices of the fuel are touching an all-time high of Rs 83.00 per liter in Hyderabad, which was previously never seen or heard off.

The rise in the prices of the petrol in the global market will have a direct effect on the prices of petrol in India since the country depends mostly on the 80% of oil imports.

The prices of the crude oil in the international market has eased slowly and the rates of WTI crude oil stands at $67.89 per barrel and Brent crude stands at $77.47 per barrel. The Brent Crude touched an all-time high of $80 per barrel in mid-May which spiraled the fuel prices across the globe.

The prices of petrol per liter are increasing continuously for more than a month now. The price of petrol in Hyderabad was recorded at Rs 82.45 per liter today. The prices are up by Re 0.38 paise than the previous price.

The surge in the prices of petrol is mainly attributed to the rise in the prices of crude oil in the international market which is having a concurrent effect even on the domestic prices of fuel in India.

During the month of November 2017, the prices of petrol were recorded at Rs 73.20 per liter. The prices have almost surged by 12.66% as compared to November’s price of petrol.

It is high time for the government to step in to tackle the prices of petrol by cutting down the customs duty on the petrol.

The prices of petrol in Hyderabad is surging and currently stands at Rs 81.75 per liter on May 23, which is up by Re 0.32 per liter from the previous day’s price. The global rise in the crude oil is having a negative impact on the prices of the petrol in the domestic market.

For the past four weeks in a row, the prices of petrol are rising to a new high on a day-to-day basis.

As per the new rule implemented in India starting from June 16, 2017, the prices of petrol and diesel are set to a revision on a daily basis -daily morning at 6 am. This is mainly done to sync in the domestic prices of the liquid fuel with the international prices which is beneficial for both the consumers as well as the government.

Any kind of positive or negative impact on the prices of crude oil in the international market will affect the prices of petrol and diesel in the domestic market.

The prices of petrol were recorded at Rs 73.20 per liter in November 2017.

Petrol prices in Hyderabad hit Rs 81.11, sending distress among individuals. This was the seventh straight day of gains for petrol rates in Hyderabad. 

One may recall, the oil marketing companies had stopped raising interest rates, following the Karnataka elections. Petrol prices which were at Rs 79.04, has jumped by Rs 1.07 in the last seven days. It is likely we may see further escalation in rates, if the rupee falls more. 

The government has hinted that it make look at solutions to cut petrol and diesel prices. However, one is not sure, what solutions the government may find. In fact, oil marketing companies may be forced, to absorb, a further increase in crude prices. 

Analysts believe that crude at $80 per barrel, may also see some decline. If that happens, fuel prices in Hyderabad could fall over again. That would bring some respite for consumers. 

Todays petrol price in Hyderabad showed an uptick of 2 paise at Rs 76.46 per litre. This was largely as we saw modest gains that were accorded for prices in the city. We have constantly been seeing a steady movement for petrol prices in Hyderabad, though it is a good idea to check fuel rates before filling your vehicle. 

Brent crude has remained stable around the $66 mark, which means it has lent decent support to prices in the domestic market, including cities like Hyderabad. We are unlikely to see great movement in prices as oil supplies from the US have been adequate leading to flat rates across the globe. 

In the last few days, we have seen a superb drop in the prices of petrol in Hyderabad of almost 20 paise. This is welcome relief given the fact that we now have the summer season fast approaching.  Analysts largely anticipate the trend to continue to be flattish in the coming days. 

Petrol, diesel and natural gas are not under the tax of GST because it is the biggest source of revenue for the national as well as the state government. Since it is a basic necessity, and there are heavy taxes on the petrol and diesel. And a tax on the same will be charged by the respective states under the current state laws. Since only petroleum products have an exemption from the GST, GST will be priced on the rest of the goods sold by the petrol pumps, i.e., lubricants, distilled water. Over all the cost of the petrol pumps will increase after the introduction of GST, yet there will be no change in the price of petrol and diesel due to GST effect. So the current tax applied on petrol. There is no change in the petrol price due to GST. The growth of automobiles in the Hyderabad is increasing day by day and hence it is important to watch for petrol prices in Hyderabad which is 72.93 Rs/Ltr at the moment.