“Fueling Frustration: How Soaring Petrol Prices Are Squeezing Your Wallet”

In the wake of the pandemic, fuel prices have stubbornly resisted any significant decline, while fuel consumption has surged compared to pre-pandemic levels. With the era of remote work gradually drawing to a close and employees returning to office-based routines, the escalating costs of commuting via personal vehicles or taxis are placing an unwelcome strain on the average individual’s finances

Summary:

  • Daily regulation of petrol and diesel prices by public sector Oil Marketing Companies (OMCs) to recover losses from high global prices.
  • Differences in fuel prices among countries due to varying taxes and subsidies.
  • Petroleum resources expected to last for 40 more years but will eventually be depleted due to their degradation from biomass millions of years ago.
  • Highest petrol price in India:
    • November 2021 and around May 2022
    • Historic highs reached
    • Delhi: Rs 110/Litre
    • Mumbai, Sri Ganganagar: Close to Rs 120/Litre
  • High taxes on petrol and diesel contribute to the price increase, boosting central government tax revenue.
  • International crude oil rates have risen, leading to higher taxes on petrol and diesel.
  • Monthly petrol price trend in Delhi for August 2023:
    • August 01, 2023: ₹96.72 per litre
    • August 20, 2023: No change
    • High of ₹96.72 per litre and low of ₹96.72 per litre.
  • Significant price increase in petrol and diesel over the years:
    • 2014-15: Petrol at Rs 66 per litre, diesel at Rs 50 per litre.
    • 2021: Petrol crossed Rs 95, diesel Rs 86 per litre.

Fuel consumption in India 2011 – 2022

Which country has the lowest petrol price?

Venezuela is the world’s cheapest country to buy petrol

Which country has the highest petrol price in India?

Hong Kong is the country with highest petrol price

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