Petrol reaches Rs 94 per litre mark.Petrol prices rise for the 11th consecutive day. Mumbai tops other cities with the highest prices which stands at 96 per litre. Union government pins the reason to be an international hike in oil prices.
The hike of petrol prices was observed across the country for the 11th consecutive day on, the rise of petrol price in Hyderabad has resulted the mark to reach nearly Rs 94 per litre.
The oil biggies have now hiked the prices of petrol and diesel for the 11th consecutive day. In Hyderabad, the hike was observed to be of 33 paisa and 36 paisa per litre respectively.
With the latest price hike, the cost of petrol in the city now stands at Rs 93.78 per litre and cost of diesel at Rs.87.91 per litre.
Price hike was found to begin from this month’s beginning, i.e. 1st of February and since then, it has been increasing without any pause. Yesterday was the 13th hike in February. On February 1st, the retail petrol and diesel prices in Hyderabad on February 1 were fixed at Rs 89.77 and Rs 83.46 per litre respectively. And hence, the increase this month till date had been a massive Rs 4.01 on petrol and 4.45 on diesel per litre.
The instability in the pricing during the last 50 days is such that the oil companies have raised the fuel prices 23 times.
The prices have reached all-time high in many states. This financial year the oil prices have gone up by about Rs 7 per litre.
Among the metropolitan cities, Mumbai has topped in achieving the highest petrol price as it stands at a massive Rs.96.62 per litre cost while the lowest rate is recorded by the national capital Delhi which stands at Rs 90.19.
Oil companies have pinned the hike to by caused by the international market as a result of an output cut by oil-producing nations.
Regarding the alarming rates of petrol, Dharmendra Pradhan, Union Petroleum and Natural Gas minister urged Saudi Arabia and other global oil producers past Thursday to ease the production cuts as the wildly rising international oil prices are devastating the economic recovery and demand.