Contrary to our beliefs, Indian fuel prices fit somewhere middle of the chart when looked at globally.
BHPian ninjatalli recently shared this with other enthusiasts.
That’s an interesting question, right? Especially depending on where you are, there’s a significant difference in how much the fuel costs you.
The Washington Post definitely thinks so. The linked article nicely details out how half a tank of gasoline (/petrol) in one of the most common cars across the world (a Toyota Camry – although I would have the Corolla would be more appropriate) will get you around. With the current prices in the US, half a tank of gas for the Camry is estimated to cost around $40 (~3100 INR) so using data from Global Petrol Prices and some social-economic data, they came up with this nice article that touches upon the concerns and local issues of some of the countries with the highest population and how the current fuel prices affect their daily life.
Here’s a snapshot of some of their analysis – do have a look at the more detailed article linked above (with local interviews across multiple countries & additional data).
How far $40 of gas will get you in the countries with the largest economies.
Contrary to our beliefs, Indian fuel prices fit somewhere middle of the chart when looked at globally. As per Global Petrol Prices which track this across nations on a daily basis, India ranks 64 out of 168 countries with oil-rich countries like Venezuela & Libya at the top having the cheapest price (no surprises) and Norway, Finland & Hong Kong at the end with prices hovering at nearly Rs 170 per litre! Neighbouring/Peer countries like Bangladesh (Rs 75), Bhutan (Rs 92), Pakistan (Rs 89), Nepal (Rs 112), China (Rs 114) & Sri Lanka (Rs 120) are all spread across thanks to their own economic conditions and the local taxes their governments impose on fuel.
Of course, when one looks at purchasing capacity, the story is always a different one to tell. But hopefully, the above view gives you a worldwide perspective just from a fuel cost aspect.
Key links for further reading:
- Washington Post article
- Global Petrol Prices site
The interviews across Columbia, UAE, Germany, India and others are quite interesting to hear similar complaints from local traders, families and business people across nations; in spite of the different taxation & pricing situations in each of these countries. A snapshot
- Status: Reduced prices due to the government heavily subsidizing the price of petrol
- Reaction: Locals are acknowledging the benefits (vis-a-vis other countries) they have but are worried about the subsidy being removed.
- Status: Subsidies that were quite common have been removed causing a doubling in prices
- Reaction: Locals (& ex-pats) are complaining about the sudden increase in fuel. Carpooling and alternate transport are being considered.
- Status: High increases seen in prices; government being urged to subsidize prices. Instead, they are subsidizing public transport
- Reaction: Locals are complaining about the sudden increase in fuel and its impact on their jobs/work. Public transport is being leveraged where possible.
- Status: High increases seen in prices; government being urged to subsidize prices. The re-election of the current president is expected to show some action on the taxes but only time will tell.
- Reaction: Locals are complaining about the sudden increase in fuel and its impact on their jobs/work. Carpooling and alternate transport options are being considered.
- We know the status. Local interviews reflect the same.
Here’s what BHPian [email protected] had to say on the matter:
Thank you for sharing it. It is great to see the different analytical perspectives on current fuel prices. Looking at the Global Petrol Prices, it’s appearing the fuel prices are higher in India in comparison to other nationals. I getting this perception while considering our average annual income ($1822 )which is much lower than the other nationals. Am I missing something here?
Here’s what BHPian supermax had to say on the matter:
European countries are hit hard by the ongoing Ukraine war. In Sweden, petrol prices have been as high as 25 SEK per litre (~175 INR), but when the crude prices were at historic lows, the price at the pumps too was really low. Unlike in India where the pump price goes up when the crude price goes up but is kept high even when the crude price drops, so it’s like comparing apples to brinjals.
Here’s what BHPian narayans80 had to say on the matter:
For a full 5.5 years (2012-2017) I have never seen petrol or diesel below 1 euro. The lowest I saw towards late 2017 when it was 1.20 EUR for petrol. Diesel was 1.30. I’ve seen it go as high as 1.60-1.70 EUR.
So there is no comparison against Indian prices.
Check out BHPian comments for more insights and information.
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