- The petrol prices in India, a developing country, are among the highest across the world
- Petrol price in Mumbai is double that of New York gasoline
- Public debts are being met by increasing the taxes on petrol and diesel.
Since 2020, India has been leading the world in two particular and embarrassing cases, petrol price and several covid cases. As the gasoline prices in India have reached even 100 INR, it is one of the costliest prices across the world. The value is almost double in comparison to the petrol prices in New York. How did this happen? Let’s check out!
Increasing Petrol Prices Since 2014
The retail prices in case of petrol have risen over the last few years quite drastically. According to the prices of the present, if we correlate them with the New York prices, we can see the stark contrast. According to American prices, the cost of petrol is $1.39 in India. The same petrol price is valued at $0.79 in New York. The values have been compared with various financial institutions and data studying structures. All of them have agreed that India’s prices for petrol have increased quite a lot over the last year.
As the public finances in India worsened, the present prime minister, Narendra Modi, and his government increased the taxes on petrol-diesel rates so that the difference can be cushioned to some extent. Of course, this was not a solution and yet the government failed to provide one of the basic needs of the people. They have increased up to 60%, and the total price is much higher than what it used to be in 2013.
Coronavirus Pandemic Adding Up
The extreme decline in the last year can be attributed to the coronavirus pandemic. The country had to face a complete lockdown which led to a lack of usage of petrol. The pre-virus values of petrol were also rising but there had been no instances of such a steep rise in some of the particular states of the country. As larger parts of the country came to a standstill last year, petrol usage decreased but not the import. As a result, the petrol price increased as soon as the markets started to reopen in India.
Hope For Lower Petrol Price
It is the prayer of almost every Indian that the fuel prices become lower. The government should find other options to manage the public finances rather than sucking the breath out of the public only!