Global fuel prices 2023: Petrol in India cheaper than Pakistan, Hong Kong & UK

As Indian government is going to unveil its Budget for year 2023 on Wednesday, February 1, it is important to have a look at oil prices which plays a major role in deciding domestic inflation. While average price of fuel around world remains at Rs 106.90 per litre, price of petrol stands at Rs 104.18 per litre in India. 

According to January 30, 2023 data released by Global Petrol prices, gasoline prices in neighbouring countries vary from each or majorly with Pakistan and Hong Kong witnessing a massive surge in petrol prices. 

Petrol prices across globe

Pakistan: Rs 249 per litre

China: Rs 99.11

Hong Kong: Rs 240.82 per litre

Sri Lanka: Rs 113.49 per litre

Banglesh: Rs 99.61per litre

Russia: Rs 65 per litre

USA: Rs 82.49 per litre

UK: Rs 149.28 per litre

Notably, differences in prices across countries are due to various taxes and subsidies for gasoline. All countries have access to same petroleum prices of international markets but n decide to impose different taxes.

Diesel Prices 2023

average price of diesel around world is Rs 108.81 per litre. However, re is a substantial difference in se prices among countries. diesel prices in India stand at Rs 93.47 per litre as compared to China’s Rs 88.14 per litre. 

diesel prices in Pakistan are currently over Rs 260 per litre depicting depreciation of Pakistani rupee after government removed an unofficial cap on USD-PKR exchange rate to revive stalled International Monetary Fund (IMF) loan programme. ding to Pakistan's economic crisis, its currency is in free fall.