Fuel prices are killing both consumer and consumption
It was a milestone for fuel price watchers. A couple of days ago petrol crossed Rs 100 a litre in Mumbai, and in several cities in Rajasthan and Madhya Pradesh. After a two-day hiatus, on Friday prices were hiked again, and it looks like even diesel in Mumbai (Rs 92.99/litre) and Chennai (Rs 90.38/litre) is now inching towards the Rs 100-per-litre mark.
From the beginning of the first wave of the pandemic in mid-March last year, petrol prices have gone up approximately 25 per cent. On 18 February, this year, 114 countries in the world sold petrol cheaper than in India. The cheapest were Venezuela and Iran, both oil producers, that sold at Rs 1.45 and Rs 4.50 per litre, respectively. Pakistan’s pump rate was half of India’s at Rs 51.14 while even the USA rate was at Rs 54.65 per litre. The average world price of gasoline is Rs 78.71, which is at least 20 per cent cheaper than India’s average.
