Petrol price in India are at a high level for months despite prices of global crude oil has fallen over time. The country recently got some relief when the central government reduced petrol price and diesel price in India by Rs 5 and Rs 10 respectively. However, despite that, petrol and diesel prices in India remained more than Rs 100 in many parts. This is because India has remained a major country which imports fuels, rather than a fuel producing nation. simple calculations will support that in countries where a product is manufactured locally, the price of the same remains lower than that of countries that import it. This, along with several other factors, decide on the price of the product — in this case fuel, which varies from country to country.
The recent hike in petrol prices have come as a dismay to most people in the country. The increased fuel rates, which had seen its all-time high till the beginning of November, has larger ramifications and there was little to no relief when the Centre and various state government stepped in to reduce the taxes on their part.
However, it is still not the expensive country when it comes to petrol price in India. The actual price paid for petrol in other countries is significantly higher if one puts aside other factors such as purchasing power.
The highest petrol price in the world is paid by those who live in Hong Kong. Those who use petrol in Hong Kong pay an amount of $2.618 or Rs 196.55 (roughly) for a litre of petrol. Netherlands occupies the second position, with the price of one litre of petrol being $2.256 or Rs 169.37 roughly. Israel has the third most expensive petrol price in the world, with one litre being priced at $2.212 or 166.07. Other countries in this list are Norway, Finland, Central African Republic, Denmark, UK, Greece, Iceland and Sweden.
On the contrary, Venezuela has the cheapest petrol price in the world. One litre of petrol in Venezuela is priced at $0.025 or Rs 1.88. Coming in the second position is Syria, where one litre of petrol costs $0.060 or Rs 4.50 for one litre. Next comes Angola, scaling the third position in terms of cheapest petrol price. One litre of the auto fuel is priced at $0.274 or Rs 20.57 in the country.
Other places where petrol is cheap are Angola, Algeria, Kuwait, Nigeria, Turkmenistan, Kazakhstan, Malaysia and Iraq.
What is India’s Position
The prices of auto fuels petrol and diesel remained constant on Monday, November 29. This was the 26th straight day that petrol price remained unchanged in India following the excise duty cut announced by the central government in the beginning of the month. Petrol price was cut to at Rs 103.97 in the national capital of Delhi and remained unchanged on Tuesday. Petrol price in Mumbai stood at Rs 109.98 per litre on the day, the highest among the metropolitan city. In Kolkata, price of one litre of petrol on Sunday stood at Rs 104.67. In Chennai, petrol price was at Rs 101.40 for one litre on the day.
Like other countries in the world, petrol prices are subject to different taxes and levies in India, and is an important source of revenue for central and state governments. The Rupee Dollar exchange rate also has effect on the prices, as well as the import cost. Still, petrol price in India is cheaper than counties like UK, Japan, Switzerland, Italy and Germany. However, Indians pay more for a litre of petrol than countries like China, Pakistan, UAE, Bangadesh and Bhutan.
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