Petrol, diesel prices at record highs; these 8 countries charge even more

With the ongoing hikes in petrol and diesel prices refusing to end, the ball is squarely in Prime Minister Narendra Modi's court and he will have to take the final call on providing relief on these products soon. The rise in fuel prices has been the outcome of higher global crude prices,  which have soared to near $80 per barrel and depreciating Indian currency against US benchmark dollar index. Following these two indicators, the public can only reach out to government to relax the taxes levied on these products. OMCs like HPCL, IOCL and BPCL take into consideration the international crude oil prices, government’s excise duty and various state's Value Added Tax (VAT) to derive the final retail prices of fuel products including petrol and diesel. 

India gave up daily revision in fuel prices for nearly 20 days since April 24, however that changed later when Karnataka Poll election outcome were revealed on May 14. 

From May 14 to till date petrol prices have risen by Rs 3.60 per litre in Mumbai and Rs 3.59 per litre in Kolkata, whereas New Delhi had slightly higher hike by Rs 3.64 per litre and Chennai the most by Rs 3.84 per litre.

Meanwhile, in the same period diesel prices have risen by Rs 3.24 per litre each in New Delhi and Rs 3.09 per litre in Kolkata. Whereas, Mumbai and Chennai saw the most hikes - by as much as Rs 3.44 per litre and Rs 3.47 per litre respectively. 

Therefore, Indian fuel prices are at record high. But did you know, your purchase of petrol and diesel product in India is still lower than other global countries. 

Here's a list of 8 countries who sell petrol price much higher than what India charges you with. 

Hong Kong

In this Chinese city-state, petrol price is highest in the world. A resident of Hong Kong pays a massive Rs 143.54 per litre as on May 21, 2018. The China National Offshore Oil Corporation decides the final petrol price in the country. 

Iceland

Over here you pay Rs 141.94 per litre as on May 21, 2018. As per a Times Now report, even within the country, petrol companies are quite competitive and difference between average price is as low as 1-3%. Most companies drop prices at selected stations in order to advertise. 

Iceland becomes the second country to sell most expensive petrol products. 

Norway 

This country stands at third place in expensive petrol price, as a Norway citizen pays Rs 136.79 per litre as for their purchase of the product. As per Bloomberg report, Norway pays 26% higher than United Kingdom.

Netherlands 

Taking the fourth spot of expensive petrol prices, a citizen of this country pays Rs Rs 131.33 per litre petrol as per May 21, 2018.  It needs to be noted that, electric car sales is currently at 10%. The Times Now report mentioned that the  Dutch politicians have voted through motion calling on the country ban sales of new petrol and diesel selling cars by 2025. 

Denmark 

Reportedly, Shell is majority player in Denmark competing with eight others. With rising prices of conventional fuel in the country, the sale of electric cars is on the rise. Over here you pay Rs 129.78 per litre for petrol as per May 21, 2018.

Monaco 

Residents of Monaco pay Rs 129.60 for a litre of petrol. Monaco is among the second smallest country n Western Europe and France borders. 

Greece 

Here you pay Rs 128.57 per litre for purchase of petrol price. As per the report, Greece charges 56.67 percent tax on fuel - the second highest rate in the European Union. The demand has gradually fallen over the years but, price gouging remains common practice.

Israel 

Standing at 8th spot, an Israel citizen pays up to Rs 126.73 per litre which is 61% more than  the average petrol price. Shockingly, diesel price is about 65% higher than the world’s average. Reportedly, Paz oil company ltd holds more than 30 percent of the Israeli fuel market.