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Petrol price: Learning with The Times: Why petrol price has hit a record high

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NEW DELHI: With rising crude prices and a depreciating rupee, petroleum is bound to get more expensive. Diesel had already reached its all-time high and petrol too, at Rs 76.24 per litre in Delhi, hit a new high on Sunday, breaking its September 2013 record. TOI analyses petrol prices:

Are present petrol and diesel prices highest ever?


In the last 16 years petrol, reached the highest price of Rs 76.06 per litre in Delhi on September 14, 2013. The next four highest prices were reached in May 2018. The present price of diesel, on the other hand, is the highest ever in this 16-year period.

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What is the proportion of taxes as a component of the prices?

Over 50% of petrol’s retail price constitutes taxes and dealer commissions. For diesel, the corresponding figure is over 40%. Taxes vary in different states and hence there are variations in retail prices.

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Does India have the region’s highest petrol prices?

For petrol and diesel, prices are the highest in India. Effective cost of LPG cylinder after DBTL — Direct Benefit Transfer of LPG — is the lowest in India. Only Sri Lanka has a lower price of kerosene oil.

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Are India’s petrol prices more than other large nations?

In advanced countries (except the US) petroleum is a highly taxed commodity. Average citizens of these countries, however have higher income as compared to average Indians and the cost doesn’t set them back as much as it does for us. For instance it will cost about 20% of the daily income of an average Indian to buy a litre of petrol.

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In which cities are these fuels the most and least expensive?

Petrol is most expensive in Mumbai, while Hyderabad has the highest diesel price. It is interesting that in many cities the difference between petrol and diesel prices have narrowed significantly meaning there would be very little advantage for diesel vehicle owners.

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Updated: May 21, 2018 — 6:53 am

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