IOC announced today that petrol prices will be reduced by Rs. 3 per liter from midnight because international crude oil prices have come down from around $116/bbl to $107/bbl since the last price change (16th April 2013).
With this, the current petrol price will come down to Rs. 63.09 per liter in Delhi and Rs. 70.35 per literÂ in Kolkata.
Currently, the petrol price at Panjim is Rs. 51.48 per liter, and I think this might be the cheapest in the country since Goa eliminated VAT on petrol in their last budget.
I think this is very interesting because a few months ago I remember seeing a lot of Tweets from people about petrol prices in the US being cheaper than in India, but at Rs. 51.48 per liter, Panjimâ€™s prices are cheaper than some US states.
Like India, prices in American states vary a lot, and the state of South Carolina has the lowest price, which is $3.19 per gallon â€“ this translates to Rs. 45 per liter and is lower than Panjim price, but about 12 US states have a price of more than $3.64 per gallon which is more than the Goa price.
This also made me wonder how petrol prices in India compare with the rest of the world and finding that out was a lot harder than I expected.
The best that I could do is to look at thisÂ Bloomberg list from August of last year, and then adjust it for prices based on the price changes in US.
Here is what that list looks like:
Petrol Prices Around the World
|Country||Rupees Per Liter|
Venezuelan prices are just incredible and they are pretty much handing out petrol for free there. The other countries at the top are also petrol exporting nations, and I wonder if citizens there look at Venezuelan prices and feel envious like the rest of the world looks at their prices.
Let me emphasize that this is not a very accurate list because I took data from last year’s Bloomberg’s list and adjusted it according to the price change in the US, and the utility of this list is mainly to judge how countries are relative to each other rather than the absolute value.
Also, I did a post on how much do taxes contribute to the high prices of petrol a few months ago, and that may be a useful read to understand how petrol is priced in this country.
Update: Updated the Saudi Arabia price based on information sent by Dr.Â Koustubh Chakraborty.Â