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Here’s where India, Pakistan stand among countries with high fuel prices

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Here’s where India, Pakistan stand among countries with high fuel prices

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Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and diesel by Rs 6 per litre on May 21, getting high praise from former Pakistan PM Imran Khan. Meanwhile, Pakistan has announced the highest-ever increase in the prices of all petroleum product.

Here’s where India, Pakistan stand among countries with high fuel prices

Former Pakistan Prime Minister Imran Khan has slammed the Shehbaz Sharif government for hiking petrol and diesel prices by 30 Pakistan rupees (PKR) per litre while praising India for reducing fuel prices. The former Pak PM said India was able to reduce fuel prices as it was buying cheaper oil from Russia.

Khan’s statement comes after the Pakistan government increased the prices of all petroleum products by PKR 30 per litre in a bid to reduce fuel subsidies. This is the highest-ever increase in the prices of all petroleum products at a go which will come into effect from midnight.

Following the price hike, petrol price in Pakistan is now PKR 179.85, diesel is PKR 174.15, kerosene PKR 155.95 and light diesel is PKR 148.41.

Excise cut in India

Meanwhile, Indian Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and diesel by Rs 6 per litre on May 26.

As on May 26, prices of petrol in Delhi were Rs 96.72 per litre and that of diesel was Rs 89.62. Prices of petrol in Mumbai stood at Rs 111.35 per litre while diesel cost Rs 97.28 a litre, data by the Indian Oil Corporation revealed.

Gas prices around the world

Gas prices around the world have been on a rise since the beginning of the Russia-Ukraine war in February this year. A number of countries have cut off oil imports from Russia, which is one of the world’s top oil producers, due to its unprovoked attack on Ukraine. Supply constraints have continued to rattle the global crude oil markets, pushing prices upward.

According to the globalpetrolprices.com, the average price of gasoline across the globe is $1.39 per litre, although prices differ substantially across countries. Countries which produce oil have significantly lower prices. The difference in prices across the countries is because of the various fuel taxes and subsidies by the governments, which impact the retail price.

As on May 23, 2022, Hong Kong had the highest gasoline price per litre at $2.9, followed by Norway, Finland and Denmark, where prices were $2.56, $2.53 and $2.4, respectively. In dollar terms, prices of gasoline (petrol) in India on May 23 were $1.34 per litre, while it was $0.74 in Pakistan.

Prices in the US stood at $1.2, while people in European countries paid higher. Prices of gasoline in the UK, Portugal and Switzerland on May 23 were $2.1, while it was $2 in Spain, France and Italy.

Similarly, prices of diesel were highest in Hong Kong at $2.6 per litre on May 23, followed by European countries of Netherlands, Denmark, Germany, Switzerland, Norway, UK, Iceland, Sweden, Finland and Monaco. Price of diesel in Monaco was $2.4, while it was $2.3 in Finland, Sweden and Iceland. In the UK, Norway and Switzerland, prices stood at $2.2, while it was a tad lower at $2.1 per litre in Netherlands, Denmark and Germany.

In India, price of diesel as on May 23 was $1.2, while it was $0.7 in Pakistan.

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