HYDERABAD: In just fifteen days, the price of petrol shot up by Rs 4.04, and now stands at an all-time high of Rs 83.08. Virtually, the price of petrol in January this year is now the price of diesel- Rs 75.34 per litre.
The prices of fuel have been increasing for two straight weeks now burning holes in the pockets of the commoners. The price of petrol on Tuesday was Rs 83.08 and the price of diesel at Rs 75.34 -- the same price was that of petrol on January 15, this year.
In the past fortnight petrol price shot up from Rs 79.04 to Rs 83.08, a Rs 4.04 increase. The diesel, on the other hand, has increased from Rs 71.63 to Rs 75.34, a Rs 3.71 increase.
Price of petrol: Rs 83.08, 0.17 increase from Monday
Increased by Rs 4.04 in fifteen days
Price of petrol on May 13: Rs 79.04
Price of diesel: Rs 75.34, 0.16 increase from Monday
Increased by Rs 3.71 in fifteen days
Price of diesel on May 13: Rs 71.63
The increase in price has been prevailing for the last fifteen days starting from May 14 and continued to increase till Tuesday.
It may be noted here that the price rise has been on the upward trend after the completion of the Karnataka elections. Before that, the prices have been kept stable to keep the voter sentiment intact.
"The dynamic model of the fuel prices were kept constant during the two weeks of Karnataka elections and the amount started increasing son after," said M Amarender Reddy, Secretary, Greater Hyderabad Petrol and diesel association.
The prices would, however, not reduce in the coming days and would remain constant for the coming two weeks as the dollar prices are also on the upward trend," he forecasted.
The only way out, according to experts, to reduce the prices of the fuel prices is to cut excise duty which is being imposed on it by the central government.
Interestingly, the VAT on aviation fuel has been recently brought down to 1 per cent from 16 percent by the State government. The move was to reduce operational costs of airlines transit.