The inflation level in India is increasing month by month. Petrol prices in the country had also increased day by day in the past, but at present, it has remained stable for more than a month. But do you know that petrol is not the most expensive in India itself, in this case, the country's number is 42nd. That is, expensive petrol is being sold from India in 41 countries of the world. These countries include many names including Britain, Germany, Hong Kong, Italy, Netherlands. At the same time, petrol is selling expensive in the country from many neighboring countries.
Ruckus over petrol prices in India
First of all, let's talk about petrol prices in India. So let us tell you that in the capital Delhi, it is being sold at Rs 105.41 per liter. From March 22 to April 6, there was a daily increase in the prices of petrol in the country, although more than a month has passed since then, petrol remains stable in the country. Let us inform here that the general public is troubled by the rising fuel prices in India, but there is a ruckus from the road to Parliament regarding this. There has been a debate between the government and the states on reducing their taxes to control this. Significantly, the increase in fuel prices is mainly due to the increase in the global price of crude oil (the raw material for making petrol and diesel). Apart from this, due to the strengthening of the dollar, the price of crude oil has increased. Which is the current situation.
Data collected from 106 countries
The report of Bank of Baroda Economic Research has estimated the prices of petrol in different countries along with per capita income till May 9, 2022, and presented its detailed report. It covers 106 countries around the world. Look at the data presented, the price of petrol in India is US$1.35 per liter, which puts it at 42nd rank among countries in the world. That is, there are 41 countries in the world where the price of petrol is more than in India. This report certainly deserves some relief. Countries, where petrol prices are higher than in India, are the UK, Hong Kong, Finland, Germany, Italy, Netherlands, Greece, France, Portugal, and Norway. This petrol remains above $2 per liter.
Petrol is costlier than in India in these countries
Talking about expensive petrol from India, then petrol in Hong Kong is $2.58 per liter, in Germany $2.29 per liter, in Italy $2.28 per liter, in France, $2.07 per liter, in Israel, $1.96 per liter, in Britain $1.87 per liter. a liter is also selling at $1.87 a liter in Singapore, $1.75 a liter in New Zealand, and $1.36 a liter in Australia. Apart from these big countries, there are many such countries on this list including Finland, Portugal, and Norway, where the price of petrol remains around $ 2 per liter.
Petrol cheaper in Japan-China-USA
It was discussed above those countries where petrol is being sold costlier than India. Now let's talk about those countries where the price of petrol is less than in India. These include many neighboring countries of India including Japan and China. According to the report, petrol prices in India and Turkey are currently the same i.e. $1.35 per liter. Petrol is being sold in Japan at $1.25 per liter, in China at $1.21 per liter, and in the US at 98 cents per liter. Apart from this, if we talk about the neighboring countries of India, petrol is being made available at the rate of $1.05 per liter in Bangladesh, 77 cents per liter in Pakistan, and 67 cents per liter in Sri Lanka. Reportedly, prices are higher in India than in Vietnam, Kenya, Ukraine, Nepal, and Venezuela.
More impact on low-income group
Countries that are major oil producers have relatively low petrol prices. On the other hand, talking about the cheapest petrol, its price in Malaysia is 47 cents per liter. Looking at the report, the petrol price in India does not appear very high now. However, when its price is combined with per capita income, it can be seen that wherever prices are high, per capita income is much higher than in India. This is why petrol prices are becoming a major economic problem for countries with low per capita income, because of its greater direct and indirect effect on inflation, which affects the low-income groups the most.
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