Global Crude Oil Price vs Petrol Price in India Over The Last 10 Years: Here's How Fuel Price in India Changed as Compared to Global Crude From 2011 to 2021
The upward graph of fuel prices continues unabated with premium petrol prices nearing the Rs 100 mark in many cities in India. This after Brent crude rose to about $60 a barrel. The increase in crude oil prices comes as economies across the world recover post the Coronavirus pandemic.
The upward graph of fuel prices continues unabated with premium petrol prices nearing the Rs 100 mark in many cities in India. This after Brent crude rose to about $60 a barrel. The increase in crude oil prices come as economies across the world recover post the Coronavirus pandemic that spread in March last year.
Fuel prices hitting the Rs 100 mark would be a first for India and such levels were not seen even when global crude were at record highs ten years ago. In March 2011, crude oil prices ranged from $113.39 to $125 a barrel but fuel prices in India were at Rs. 63.37. Madhya Pradesh Man Protests by Raising Bat And Helmet After Premium Petrol Price in Bhopal Crossed Century-Mark; Image Goes Viral.
Table: Global Crude Prices vs Petrol Prices in India From 2011 to 2021
| Year | Brent Crude Oil Price (USD per barrel) | Petrol Price in India (Rs per litre in Delhi) |
| 2011 | 94.88 | 58.5 |
| 2012 | 94.05 | 65.6 |
| 2013 | 97.98 | 66.09 |
| 2014 | 93.17 | 72.26 |
| 2015 | 48.66 | 59.68 |
| 2016 | 43.29 | 60.49 |
| 2017 | 50.8 | 63.09 |
| 2018 | 65.23 | 75.55 |
| 2019 | 56.99 | 72.96 |
| 2020 | 39.68 | 79.76 |
| 2021 | 53.79 | 87.81 |
Graph: Global Crude Prices vs Petrol Prices in India From 2011 to 2021
Crude oil prices have trended at their lowest over the past one year. During March 2020, Brent crude was quoted at around USD 25-27 per barrel last and is now 60.56 USD per barrel. Despite of the fall in the crude oil price during the pandemic, petrol prices in India were not much affected and remained around Rs. 72.01 in Delhi. Petrol, Diesel Prices Rise For 7th Consecutive Day on February 15; Check Fuel Rates in Mumbai and Delhi.
The key reasons behind the high prices of petrol and diesel despite relatively low crude oil prices are hikes in government levies over the past year. The central government hiked the excise duty on petrol to Rs 32.98 per litre from Rs 19.98 per litre at the beginning of 2019, increased the excise duty on diesel to Rs 31.83 per litre from Rs 15.83 over the same period to boost government revenues as economic activity fell due to the pandemic.
(The above story first appeared on LatestLY on Feb 16, 2021 04:13 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).