Oil prices at a record: Per-litre petrol price in India vs major countries

Global oil prices have been at record high levels, well into the three-digit dollar mark for a single barrel, pushing petrol and diesel prices in most countries to astronomical highs. The Russian invasion of Ukraine has led to a spike in global crude prices with motorists and transporters feeling the brunt in particular.

Price of petrol and diesel in India have been significantly high than ever before but recent months have not seen a daily revision as was previously expected. Not yet anyway. The fuel rates in the country are subjected to a number of central as well as state taxes and levies which results in the varying per-litre selling price. On an average though, a litre of petrol is currently at around ₹101 ($1.345).

A quick look at countries where petrol is cheapest and where it is the most expensive.

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A quick look at countries where petrol is cheapest and where it is the most expensive.

South Asia petrol prices

Among South Asian neighbours, a litre of petrol in Pakistan is at $0.837 (approximately ₹63.43) while in Sri Lanka, it is at $1.111 ( ₹84). In Bangladesh, motorists have to $1.035 ( ₹78.43) for each litre of the fuel while those in Nepal have to pay $1.226 ( ₹93). With a litre of petrol at $1.128 ( ₹85.48), India continues to be the most expensive country in the sub-continent for petrol.

West Asia petrol prices

On expected lines, countries in West Asia are where petrol prices are some of the lowest. A litre of petrol in Saudi Arabia ($ 0.621), United Arab Emirates ($ 0.849), Kuwait ($ 0.345), Iran ($ 0.051), Iraq ($ 0.514), Bahrain ($ 0.531) and even Qatar ($ 0.577) are far more affordable than in most parts of the world.

US, UK and Australia petrol prices

Petrol, also called gasoline in many parts of the world, has seen a surge in its pricing in the western world. In the US, there have been instances of fuel theft from parked vehicles. Here, a litre of the fuel is at $1.239 or ₹93.89. It is costlier still in Australia down in the southern hemisphere where the rates are at $1.421 or ₹107.69. In the UK, prices have climbed to as high as $2.129 or ₹161.

Cheapest and most expensive countries for a litre of petrol

Venezuela remains the country where petrol price is the lower than in any other country. Here, a litre of the fuel is at $0.025 or ₹1.89. It is almost as cheap in Libya where a litre is for $0.032 or ₹2.43.

But head over to Hong Kong and get ready to pay through your nose to travel. Here, a litre of petrol is at $2.879 or ₹218. Monaco, The Netherlands, Finland, Liechtenstein and Germany are some of the other countries where fuel is around the ₹200 per litre mark.

Note: Rates courtesy Globalpetrolprice.com, dated March 14. All conversion to INR are approximate.