The price of petrol in India is going through the roof. Reason? Global oil prices are at all-time high levels (about $130 per barrel) and the nation’s public sector oil companies can no longer sustain the heavy subsidy on petroleum products.
So the government had no other way out but to increase the prices of petrol, diesel, cooking gas and kerosene and align them with global oil costs.
In dollar terms, the cost of petrol in India is now around $1.32 (Rs 56) per litre. India’s petrol prices are thus higher than those in the United States or Russia or China or Pakistan, as almost 50 per cent of the price of petrol consists of duties and taxes (customs, excise and sales tax).
So which are the nations where the price of petrol is highest and lowest in the world? Note: This is not a comparison of petrol prices in India and other nations. For the sake of simplicity, the dollar price (and the equivalent amount in rupee terms) of petrol has been listed
1$ = Rs 42.275
Turkey: Rs 113.30 per litre
In Turkey, the prices of petrol are the highest in the world. Petrol costs a whopping $2.68 or about Rs 113.30 per litre here. Guess, it’s not a place one would want to drive in.
Norway (Oslo): Rs 112 per litre
In Norway (Oslo), petrol prices are amongst the highest in the world and a shade lower than those in Turkey. In Olso petrol costs $2.65 or about Rs 112 per litre.
United Kingdom: Rs 95.50 per litre
In United Kingdom, too, the cost of petrol is shockingly high. Petrol costs $2.26 or about Rs 95.50 per litre here.
Hong Kong: Rs 84.10 per litre
In Hong Kong, petrol prices are a bit lower than in European nations, but it still boasts of the most expensive oil in Asia. Petrol costs $1.99 or about Rs 84.10 per litre in Hong Kong.
Brazil (Sao Paolo): Rs 66 per litre
In Brazil (Sao Paolo), the price of petrol is much higher than in India and costs $1.56 or approximately Rs 66 per litre.
Canada: Rs 57 per litre
In Canada, petrol costs $1.35 or about Rs 57 per litre, slightly more than the price in India or the United States.
Pakistan: Rs 44.80 per litre
In Pakistan, petrol costs less than it does in India. At $1.06 or about Rs 44.80 per litre, petrol is still affordable here.
The United States: Rs 44.25 per litre
In United States, petrol costs $1.047 or about Rs 44.25 per litre. And this is the price after a recent increase. Even this led to a huge uproar in the nation and reports said that many Americans are now looking to drive fuel-efficient small cars
Russia (Moscow): Rs 42.275 per litre
In Russia (Moscow), petrol costs $1 or about Rs 42.275 per litre. Russia, of course, also has huge oil reserves.
China: Rs 31.30 per litre
In China, petrol costs $0.74 or about Rs 31.30 per litre. That is almost half of what it costs in India.
Malaysia (Kuala Lumpur): Rs 25.40 per litre
In Malaysia (Kuala Lumpur), petrol costs $0.60 or about Rs 25.40 per litre.
United Arab Emirates: Rs 15.65 per litre
In the United Arab Emirates, petrol costs $0.37 or about Rs 15.65 per litre.
Saudi Arabia (Riyadh): Rs 5 per litre
In Saudi Arabia (Riyadh), petrol costs $0.12 or about Rs 5 per litre. That’s 10 per cent of what it costs in India! Petrol costs are phenomenally cheap in Riyadh, but not the cheapest in the world.
Venezuela (Caracas): Rs 2.12 per litre
In Venezuela (Caracas) petrol costs the least in the world. It is priced at $0.05 or Rs 2.12 per litre!
The country subsidises fuel prices for its citizens from the money it makes from selling crude oil to other nations. Venezuela is a major oil-producing nation.