India has seen the highest price rise of Petrol & Diesel despite the International Crude Oil Prices falling from a high of US$ 111.8 per barrel in September 2012 to US$ 52.73 per barrel today. Average Petrol price in India is Rs.73.9 per ltr, whereas in the neighbouring countries the price are much lower.
- Myanmar it is Rs.33.28
- Pakistan it sells at Rs.43.28
- Sri Lanka too has kept it moderate at Rs.53.43
- Nepal & Bhutan are at Rs.61.13 & Rs.62.72 respectively.
This unjustifiably rise is primarily due to an imprudent move of the present BJP ruled Govt in India to increase Excise Duties on both Petrol & Diesel, ostensibly is to maintain its fiscal deficit target.
Despite India saving a whopping $90 billion this hike is been termed as Highway_Loot by the common man in India.
Though the Dealer‘s Petrol price is just Rs.30.70
But the additional taxes on Petrol has taken the prices in different cities as :
Mumbai 160% raised price to Rs.79.48 per lt.,
Kolkata 140% makes Petrol cost Rs. 73.12,
Chennai 137% and you pay Rs.72.95,
Delhi 130%, you spend Rs.70.38/Litre.
Excise collection 2014-15, Rs.1.74 L Cr. In 2015-16 it is Rs.2.58 L Cr. ( an increase of nearly 50%)