Petrol (gasoline) prices have gone past the century mark for the first time ever in India’s financial capital of Mumbai. This makes it among the costliest in India and almost twice the price of its equivalent in New York.
Retail prices in the city are up 11 percent this year and reached Rs 100.47 ($1.39) a litre on May 31, according to data from Indian Oil Corporation (IOC). The equivalent price in the US financial centre of New York is $0.79, as per Bloomberg calculations based on figures from the New York State Energy Research and Development Authority.
Diesel prices have also risen to Rs 92.69 per litre in Mumbai.
Fuel prices in India have soared in the past 12 months even as the COVID-19 pandemic raged, as the government repeatedly raised sales taxes to factor in the scenario of worsening public finances. Now, such levies make up around 60 percent of the retail price and such taxes on petrol and diesel have surged nearly six-fold since 2013.
India is the world’s third largest crude importer and these two fuels (petrol and diesel) account for more than 50 percent of India’s oil consumption.
India levies the highest taxes on petrol and diesel in the world.