After Mumbai, Hyderabad sees Rs 100/litre petrol after price hiked again
New Delhi, Jun 14: Hyderabad on Monday became the second metro city in the country to see petrol price crossing Rs 100 per litre mark after fuel prices were raised yet again.
Petrol price was hiked by 29 paise per litre and diesel by 30 paise, according to a price notification of state-owned fuel retailers.
The hike -- 24th in six weeks -- pushed fuel prices across the country to new historic highs.
In Delhi, petrol hit an all-time high of Rs 96.41 a litre, while diesel is now priced at Rs 87.28 per litre. Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.
And because of this, petrol retails at over Rs 100 per litre mark in seven states and union territories -- Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka and Ladakh.
While several districts of Telangana saw petrol hitting Rs 100 mark earlier this month, state capital Hyderabad reached the mark on Monday. Petrol in the city is now priced at Rs 100.20 per litre and diesel at Rs 95.14.
Hyderabad is the second metro city to see Rs 100 per litre petrol price. Mumbai on May 29 became the first metro in the country where petrol was being sold at over Rs 100 a litre. Petrol now costs Rs 102.58 a litre in the city and diesel comes for Rs 94.70.
Sri Ganganagar district of Rajasthan near the India-Pakistan border was the first place in the country to see petrol hitting Rs 100 a litre mark in mid-February and on Saturday it also earned the distinction of diesel crossing that psychological mark.
Petrol in the city is sold at Rs 107.53 a litre - the highest rate in the country, and diesel comes for Rs 100.37. Premium or additive laced petrol in the town sells for Rs 110.81 a litre and same grade diesel at Rs 104.03.
Rajasthan levies the highest VAT on petrol and diesel in the country, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh and Telangana.
The hike on Monday was the 24th increase in prices since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal.
In 24 increases, petrol price has risen by Rs 6.01 per litre and diesel by Rs 6.55 a litre.
Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates.
International oil prices have firmed in recent weeks in anticipation of demand recovery following the rollout of vaccination programme by various countries.
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Rupee falls 28 paise to 94.77 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 28 paise to 94.77 against the US dollar in early trade on Thursday as market sentiment took a dramatic turn after reports emerged that the US and Iran are discussing a 14-point Memorandum of Understanding (MOU) aimed at reducing tensions and reopening negotiations.
Forex traders said Brent oil prices, which had fallen to USD 98 on the US-Iran peace deal, edged slightly higher to USD 101 per barrel after investors weighed the prospects for a Middle East peace deal.
Moreover, factors such as unabated foreign capital outflows amid rising geopolitical uncertainties further dented investor sentiment.
At the interbank foreign exchange market, the rupee opened at 94.77 against the US dollar, registering a fall of 28 paise over its previous close.
On Wednesday, the rupee appreciated 69 paise to close at 94.49 against the US dollar.
"Markets are currently focused on the critical 48-hour window during which the US expects Tehran’s formal response through Pakistani mediators," said CR Forex Advisors MD Amit Pabari.
US President Donald Trump on Wednesday threatened Iran with more bombing if it doesn't reopen the Strait of Hormuz, amid a report that the warring sides were nearing an agreement to end the war.
US media outlet Axios reported, quoting US officials and two other sources, that the US and Iran were getting close to a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations.
The US expects Iranian responses on several key points over the next 48 hours, Axios reported, adding that nothing has been agreed yet. This was the closest the parties had been to an agreement since the war began.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 98.01, down 0.01 per cent.
Brent crude, the global oil benchmark, was trading higher by 0.65 per cent at USD 101.83 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex declined 160.24 points to 77,798.28 in early trade, while the Nifty was down 30.25 points to 24,300.70.
Foreign Institutional Investors offloaded equities worth Rs 5,834.90 crore on Wednesday, according to exchange data.
On the domestic macroeconomic front, the country's goods and services exports rose 4.6 per cent to an all-time high of USD 863.11 billion during 2025-26, up from USD 825.26 billion in 2024-25, despite global economic uncertainties, according to revised commerce ministry data.
Merchandise exports grew 0.93 per cent to USD 441.78 billion in the last fiscal year from USD 437.70 billion in 2024-25, the data showed.
