Petrol prices on fire: Rates in India now more than China, Australia
The almost incessant hikes in petrol prices over the past two weeks have pushed petrol rates across the country to new highs. While the volatile crude oil price in the international market has meant that rates of the fuel in most parts of the world has gone up, recent data shows that India has now overtaken some other countries which mostly always had more expensive per-litre price of petrol.
The latest data from Globalpetrolprice.com - dated April 4 - shows that on average, a lire of petrol costs $1.487 in India (around ₹112.24). This is a jump from the average of around $1.356 or ₹102.35 from late March. At these rates, India was still a more affordable place to buy a litre of petrol than countries like China, Australia and South Africa.
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The same data shows that a lire of petrol in China at present costs an average of $1.474 (around ₹111.25). In Australia, it is at $1.459 (around ₹110.12) and $1.480 (around ₹111.71) in South Africa. As far as the sub-continent is concerned, India was anyway the most-expensive place for each litre of petrol when compared to countries like Nepal, Bhutan, Bangladesh, Pakistan and even crisis-hit Sri Lanka.
The average per-lire cost of petrol across the world is currently at around $1.36 or ₹102.65. But while the global average is indeed significantly higher when compared to rates just a few short months ago, fuel prices in India are also subjected to a number of taxes, levies and cess. In fact, the taxes on petrol and diesel in India is higher than anywhere else in the world.
The Indian government has blamed the international crude oil prices and the Russia-Ukraine conflict for supply-related challenges. Political parties have also been bickering about reducing central and state taxes, depending on which party is in power where. But economists continue to sound the alarm bell as the current trend of rising prices is more than likely to create inflationary pressures while obviously hitting personal budget of people at large.