Petrol & diesel prices decline in India, rise in neighbouring & western countries

While petrol and diesel costs in India fell between November 2021 and November 2023, they rose in adjacent and advanced western nations, according to statistics given by the national government on Wednesday, December 20.

The figures indicate that the price of petrol in India decreased by 11.82 per cent between November 2021 and November 2023, and the price of diesel fell by 8.94 per cent. Petrol prices, on the other hand, increased by 54.32 per cent in nearby Sri Lanka and 41.24 per cent in Pakistan. Prices of petrol were also higher in the US, Canada and the UK by 9.32 per cent, 7.3 per cent and 11.36 per cent respectively.

In the case of diesel, the price in Sri Lanka soared 110.24 per cent while in Pakistan it shot up by as much as 53.55 per cent. Diesel price rose by 27.59 per cent in the US, 9.92 per cent in the UK and by 11.36 per cent in Germany between November 2021- November 2023

“Facing the challenge of soaring crude oil prices, the Modi government has taken proactive measures to shield citizens from the economic impact. Through strategic planning and policy initiatives, the government has aimed to stabilize fuel prices, ensuring minimal impact on consumers,” the official statement said.

“The government actively protects common citizens from global oil price fluctuations. Through proactive measures, it prioritizes stability amidst volatility, ensuring minimal impact on the public. This commitment reflects a dedication to safeguarding citizens' economic well-being against external market challenges,” the statement added.

Official figures show that the average price of the Indian basket of crude imports worked out to $92.41 per barrel in November this year which has now come down to $86.58 per barrel in December so far.

India has increased its oil imports from Russia after the Ukraine war despite pressure from the West as they are being offered at a discount. Russia is now the largest exporter of oil to India having overtaken Saudi Arabia. Besides, Indian oil companies have also started sourcing from Venezuela to diversify sources of supply, after the US lifted sanctions on the Latin American country.

With IANS inputs