Petrol Price Hike - Indians Paying More Than Double Compared to US

By Divya Sai on 5/15/2011

comments (0)

Filed Under: ,

Metal prices, including Gold and Silver are coordinated at the global level. With minor fluctuations, gold and silver cost almost the same in different countries.
But in case of black liquid gold - Petrol, the prices vary so much across nations, mainly due to the Government excise and tax rates and subsidies for fuel.
When the crude oil peaked to $150 per barrel in the United States in year 2008, the price of petrol per liter was increased to INR 50 in India.
But within months, when the price again dropped to $70-80 (by around 50%) per barrel in the US, it was decreased by only around 20% (to INR 40 per liter) in India.
And today, when the price of crude is still in the $90-100 range (per barrel) in the US, here in India we are being charged INR 63 per liter.

Unlike in India, crude oil is priced almost the same across several countries
(latest crude price data by US-EIA: Energy Information Administration):
World Crude Oil Prices

Continue Reading...