Why petrol price in India is almost double compared to Pakistan?
Petroleum product prices in the country have gone up substantially in the past few months. It is amazing that while petrol prices are heading south in the world market, in India it is moving in opposite direction taking the end users by surprise.
It is really surprising for people as to when the petrol prices are almost at half the level compared to prices a year ago, petrol prices in India remain at the same level or even higher.
At this time last year crude in international market was trading at around $100. At that time petrol was selling in the country for around Rs 73 per liter. Yesterday the same crude was selling in the world market at around $57 and the petrol price in India, instead of going down to half of last yearâ€™s level, was surprisingly showing an upward trend.
Instead of prices going down by around fifty percent, petrol prices went up and petrol in many states in India is selling for as much as Rs75 per liter.
If you compare the price of petrol with our western neighbor, Pakistan, you will be surprised to know that price there are almost at half the level compared to petrol prices in India.
As of yesterday petrol was selling in Pakistan for around Pakistani Rupee 76, almost at half the level compared to petrol price in India. Compared to Indian Rupee, Pakistani currency is trading very low.
While Indian Rupee is trading at Rs 63.62 against the US dollar right now, Pakistani Rupee was trading at almost Rs 102 against the same dollar.
Ideally the price in India would have been at around Rs 42 to be at comparable level of price in Pakistan.
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