The price of petrol crossed Rs 100 per litre on Wednesday. Reportedly, the price of petrol has reached Rs 100.07 in Sriganganagar, Rajasthan.
According to globalpetrolprices.com, petrol in neighboring country Pakistan is being sold at half the price (Rs 51.14 per litre). On the other hand in China it is 74.74 rupees per litre.
Average petrol price in the world is Rs 78.65 per litre. According to the Indian rupee, the average price per liter of petrol in the world is Rs 78.65. The cheapest petrol in India is Rs 83.19 liters in Itanagar, capital of Arunachal Pradesh.
Its price in Delhi is 89.54 rupees a liter, which means petrol is costlier than the world average price in India.
However, these figures are given according to Indian Rupees. Most countries in the world use US dollars to buy crude oil.
Fuel prices are increasing in India for around nine days in a row. Since the government has announced new Agriculture Infrastructure and Development Cess in Budget 2021.
The new cess was proposed in Budget 2021 at the rate of Rs 2.5 per litre on petrol and Rs 4 per litre on diesel. Ajay Bhushan Pandey, the finance secretary had said, it would mobilise Rs 30,000 crore in FY22 for development of infrastructure in agriculture.
The extent of central and state taxes is about Rs 53.5 per litre in the case of petrol and Rs 43.5 per litre for diesel.
The price of fuel globally are on a boil because major
producers have cut production. The duty had put petrol and diesel out of reach
for several consumers. Dharmendra Pradhan, the oil minister has reportedly
ruled out any duty cuts in products at this juncture.
"There is a call for duty intervention now as levies were raised earlier
when oil prices were low. A natural follow up of this would be to cut levies
when oil prices faced extreme volatility. However, revenue constrained
government during the pandemic seems to think otherwise," said a former
oil secretary not willing to be named.
Read More: Hike in fuel prices: Why price of fuel skyrocket in India? Who is responsible?