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

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

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

Petrol prices across the globe

Pakistan: Rs 249 per litre

China: Rs 99.11

Hong Kong: Rs 240.82 per litre

Sri Lanka: Rs 113.49 per litre

Bangladesh: Rs 99.61per litre

Russia: Rs 65 per litre

USA: Rs 82.49 per litre

UK: Rs 149.28 per litre

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

Diesel Prices 2023

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

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