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Relatively Low Fuel Prices In India, Opposition States Have The Highest Prices: Government Sources -By ASC


The government has stated that fuel prices are relatively low in India as compared to other countries

Criticizing the Opposition party’s claim that fuel prices in India are higher than neighboring Pakistan and Sri Lanka, the Government said despite a 33 per cent increase in international crude oil prices since January 2022, rates were relatively lower in the country. .

High-ranking sources said that although the Center had cut excise duty on petrol and diesel on November 4, 2021 by Rs 5 and Rs 10 per liter respectively, eight of the top 10 states with the highest petrol and diesel prices were administered by non-BJP parties.

Sources further informed that seven Opposition states namely Maharashtra, West Bengal, Tamil Nadu, Telangana, Andhra Pradesh, Kerala and Jharkhand did not lower their fuel prices and in fact, had earned an additional Rs 11,945 crore compared to the states that had reduced rates.

They further said that although the Center has lost revenue worth Rs 1 lakh crore a year due to tax cuts on fuel and the states that have reduced their own VAT rates have lost Rs 15,969 crore, the Opposition states mentioned above gained revenue surplus .

Regarding lower prices in neighboring countries, sources suggest that it may be a result of populist measures taken by the respective governments.

The severe economic problems faced in some of these countries are known to all, they said, adding that it continues to show that such a strategy is not suitable to be emulated by India.

Official sources said that the price of crude oil available to India for import has increased from $ 63.4 a barrel in April 2021 to $ 112.87 a barrel in March 2022. This is a 78 per cent increase in one year.

There has also been a 33 per cent increase in crude oil prices for India since January 2022 alone due to the Ukraine-Russia conflict.

However, compared to other major economies that do not produce their own oil, fuel prices in India remain lower.

Petrol and diesel prices in India are the second lowest among other comparable countries that are heavily dependent on oil imports such as the Netherlands, Germany, Sweden, Switzerland, Singapore, Italy, Spain, France, South Korea and Japan, sources said.

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