Petrol price, along with that of diesel, has shot through the roof in India owing to a combination of rising global oil prices and high excise duties imposed on them. The BJP-led government had in fact increased excise duty nine times from 2014 to 2016, when global oil prices tanked. This enabled it to fill its coffers without putting pressure on the consumers. But, it refrained doing the opposite when prices started to rebound. The result – a disgruntled public demanding cushioning of prices with lesser taxes on imports.
However, we are not the only nation to be shelling out significant amounts on petrol. There are others too, where taxes on the commodity have driven up their market price. Those are generally rich countries where the public have the means to fork out additional bucks on fuel. In poor nations (petrol and diesel prices are mostly subsidized there) and oil producing nations, on the other hand, prices are typically low.
Coming back to us, while so far the rising clamour has failed to prompt the government to ease our fuel price pain, the high prices in the following nations could make you feel better. Here’s a quick glance at their petrol prices and the reason why it is so.