India has been the most expensive country in the subcontinent for a liter of gasoline for quite some time. Now, fuel is also more expensive here than in many other major economies.
Gasoline prices have increased almost non-stop over the past two weeks, pushing gasoline prices across the country to new highs. While the volatility of crude oil prices in the international market means fuel prices are increasing in most parts of the world, recent data shows that India has now surpassed a number of other countries that have consistently Gasoline per liter is more expensive. .
The latest data from Globalpetrolprice.com – April 4 – shows that on average, a petrol lire costs $1,487 in India (approx. 112.24). This is a huge jump from the average around $1,356 or 102.35 from the end of March. At these prices, India remains the more affordable place to buy a liter of gasoline compared to countries like China, Australia and South Africa.
The same data shows that a gasoline lire in China currently costs an average of $1,474 (about 111.25). In Australia it stands at $1,459 (about 110.12) and $1,480 (about 111,71) in South Africa. As for the subcontinent, India is nonetheless the most expensive place per liter of gasoline when compared to countries like Nepal, Bhutan, Bangladesh, Pakistan and even crisis-hit Sri Lanka.
The average price of gas per lire in the world is currently around $1.36 or 102.65. But while the global average is indeed significantly higher than it was just a few months ago, fuel prices in India are also subject to a number of taxes, fees and duties. In fact, petrol and diesel taxes in India are higher than anywhere else in the world.
The Indian government has blamed international crude oil prices and the Russia-Ukraine conflict as supply-related challenges. Political parties have also argued over central and state tax breaks, depending on which party is in power where. However, economists continue to sound the alarm as the current uptrend in prices is more likely to create inflationary pressures while clearly affecting the personal budgets of the general public.
Date of first publication: April 6, 2022, 10:12 AM IST