Petrol Prices Are Decided By The Government, But Not The Government
Petrol Prices Are Decided By The Government, But Not The Government
You may have been tired of getting petrol-diesel in vehicles in the growing season. Nevertheless, their prices are not going to decrease. Today we tell you how petrol-diesel prices increase.
Why Are Records Happening?
Production decreased
Petroleum Minister Dharmendra Pradhan said that international crude prices have increased due to low oil production in OPEC countries. There are reasons for the rise in the demand for crude prices, the reduction in production of oil-producing countries led by Saudi Arabia, the reductions in production in Venezuela, and the ban on the US by Iran.
Repaying Government Companies
Government Petroleum companies have the freedom to make changes in petrol and diesel prices daily as per the International Fuel and Currency Exchange Rate. But even though the international rate of fuel has increased in recent days, the change in petrol and diesel prices has been stopped since 19 days before voting in Karnataka. Petroleum companies are now trying to compensate the losses made during this time.
How Much Is The Contribution Of Tax In Prices?
More than 50 percent of the retail price of petrol is taxed by different taxes and dealers. Its participation in diesel is more than 40%. Because different states levy tax on different prices, so in every state petrol-diesel prices fall.
Where Is The Most Costly, Most Expensive?
Petrol is the most expensive in Mumbai, while diesel is the most expensive in Hyderabad. Interestingly, petrol and diesel prices are way too low in many cities. That is, the owners of diesel vehicles are not saving much compared to the owners of petrol vehicles.
India Has The Highest Value Compared To Neighboring Countries?
Excessive taxes are levied on petroleum in developing countries, leaving the United States. However, the income of the citizens of those countries is also higher than the average income of Indian citizens. For this reason the high prices of petrol on citizens of these countries are not as much affected by the number of Indians. Compared with the normal figure, average Indians have to spend 20 times their day's income to buy a liter petrol.
How Big Is The Price Of Big Countries?
Country - Patrol - Percentage Revenue GDP -% of Percent Revenue
India - $ 1.16 - $ 6 - 19.8
China - $ 1.19 - $ 28 - 4.3
Brazil - $ 1.16 - $ 28 - 4.1
Russia - $ 0.70 - $ 33 - 2.1
France - $ 1.82 - $ 123 - 1.5
UK - $ 1.69 - $ 119 - 1.2
Germany - $ 1.69 - $ 139 - 1.2
Japan - $ 1.30 - $ 112 - 1.2
US - $ 0.83 - $ 170 - 0.5
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