Petrol-Diesel Rate: With crude oil prices falling below $100, the average global price of petrol has dropped from ₹147.90 per liter to ₹145.99 per liter. Meanwhile, in India, the average price of petrol remains stable at around ₹108.71 per liter.

Despite the higher global average, India’s prices are lower thanks to Indian oil companies, who have kept domestic prices at bay despite rising international crude oil prices. Meanwhile, in neighboring countries, petrol prices fell in Nepal, Pakistan, China, and Myanmar in June.

How much have the prices decreased in neighboring countries

What is the reason for the reduction in rates?

In fact, countries like Nepal, Pakistan, China, and Myanmar pass on the benefits of changes in international oil prices to their people fairly quickly. In Pakistan, petrol prices are reviewed every 15 days. The government, through the Oil and Gas Regulatory, sets the formula based on international Brent crude prices and the dollar’s value. The government recently significantly reduced petrol and high-speed diesel prices by ₹22.

Similarly, in Nepal too, the ‘automatic pricing system’ operates automatically based on the new price list received from Indian Oil every 15 days, hence, if the prices in the international market increase or decrease, the oil prices in the country also automatically decrease.

Where did petrol become expensive?

Petrol prices are currently rising in several other neighboring countries, including Bangladesh, Bhutan, and Sri Lanka. In Bangladesh, the price of petrol per liter has risen from ₹109.69 to ₹112.68. In Sri Lanka, the price has also risen from ₹138.99 to ₹142. In Bhutan, the price of petrol remains at ₹109.73.

When will the price decrease in India?

There’s no question of a reduction in petrol and diesel prices in India right now. Although oil prices in these countries fell slightly in June, rates in India remained stable for a long time. Last month, when international prices rose by 55%, rates remained unchanged in the local market. Indian oil companies, despite incurring losses, prevented prices from rising. Now, with global oil prices falling slightly, companies are compensating for past losses by raising rates in installments.

The post Petrol-Diesel Rate: Petrol prices are falling everywhere from China to Pakistan, Nepal to Myanmar, is it India’s turn now? first appeared on Rightsofemployees.com.