The price of petrolcrossed Rs 100 per litre on Wednesday. Reportedly, the price of petrol hasreached Rs 100.07 in Sriganganagar, Rajasthan.
According toglobalpetrolprices.com, petrol in neighboring country Pakistan is being sold athalf the price (Rs 51.14 per litre). On the other hand in China it is 74.74rupees per litre.
Average petrol price inthe world is Rs 78.65 per litre. According to the Indian rupee, the averageprice per liter of petrol in the world is Rs 78.65. The cheapest petrol inIndia is Rs 83.19 liters in Itanagar, capital of Arunachal Pradesh.
Its price in Delhi is89.54 rupees a liter, which means petrol is costlier than the world averageprice in India.
However, these figuresare given according to Indian Rupees. Most countries in the world use USdollars to buy crude oil.
Fuel prices are increasing in India for around nine daysin a row. Since the government has announced new Agriculture Infrastructure andDevelopment Cess in Budget 2021.
The new cess was proposed in Budget 2021 at the rate ofRs 2.5 per litre on petrol and Rs 4 per litre on diesel. Ajay Bhushan Pandey,the finance secretary had said, it wouldmobilise Rs 30,000 crore in FY22 for development of infrastructure inagriculture.
The extent of central and state taxes is about Rs 53.5per litre in the case of petrol and Rs 43.5 per litre for diesel.
The price of fuel globally are on a boil because majorproducers have cut production. The duty had put petrol and diesel out of reachfor several consumers. Dharmendra Pradhan, the oil minister has reportedlyruled out any duty cuts in products at this juncture.
"There is a call for duty intervention now as levies were raised earlierwhen oil prices were low. A natural follow up of this would be to cut levieswhen oil prices faced extreme volatility. However, revenue constrainedgovernment during the pandemic seems to think otherwise," said a formeroil secretary not willing to be named.