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Petrol in India is More Expensive than 98 Other Countries
By siliconindia
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Friday, 04 November 2011, 01:27 IST
Bangalore: With average petrol prices touching historic highs, a plenty of Indians are worried over the cost of filling up. The price of petrol is sky rocketing because of the unrest in the Middle East and rising demand, especially from developing countries.
The purchasing power parity (PPP) is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates. In September the price of petrol per liter was highest in India based on PPP and retail prices in countries across the world shows that Indian prices are amongst the highest in the world at current exchange rates.
Indian government is increasing petrol and diesel price so oil companies will benefit and will suffer less loss on the other hand to reduce the price china is decreasing the oil price. Though we are not able to list out all the 98 here is the few other countries to give a vast idea of how cheap petrol is in other countries. Here are the comparisons with other countries fuel consumption with India based on PPP.
India
Though the pricing of petrol was freed from government controls in June last year, state-owned oil firms informally take directions from the oil ministry. It remains to be seen if the government will concede to the demand of oil companies just before the winter session of Parliament.
The petrol consumption in India dropped from 13.9 percent in 2009-10 to 10.8 percent in 2010-11 due to rising petrol prices. On the other hand consumption of diesel also declined from 8.8 percent in 2009-10 to 6.6 percent in 2010-11. The petrol price based on PPP is $3.95 and diesel price is $2.46.
