Most Expensive Petrol At Rs 420.51 Per Litre, Diesel At Rs 463; Check Country-Wise Gasoline, Diesel Prices

The world’s average petrol price touched Rs 150 per litre and diesel at Rs 158.73 per litre, as per GlobalPetrolPrices.com. The prices of gasoline and diesel vary from country to country and are mostly impacted by international crude oil prices and taxes on different parameters. Since the West Asia conflict, fuel prices have been significantly impacted due to disruption in the global oil and gas supply transition towards Strait of Hormuz.

The US WTI crude oil price have climbed nearly 12% and trades around $104 per barrel, while Brent crude zoomed over 10% to trade near $113 per barrel. Crude had breached near $117 earlier this week.

That said, crude oil prices are at 6-week high currently. Elevated crude oil prices is never good for countries who rely on imports to meet their major petroleum products requirement. The latest surge is heavily attributed to the US-Israel-Iran conflict alongside Houthis attack on Saudi Arabia.

The US oil benchmark has gained more than 10% in October as the US-Iran conflict continues, while clashes involving Saudi Arabia and Iran-backed Houthi forces have intensified. Threats to shipping through the Strait of Hormuz also remain high, with tankers continuing to come under attack. However, regional crude exports have rebounded to near prewar levels, as producers discreetly transport oil cargoes through the strategically important waterway, as per Trading Economics.

Amidst this, gasoline and diesel prices have hit the pockets of common customers across the country.

Gasoline Prices: Country-Wise

In India, petrol price has averaged to Rs 108.65 per litre, impacting not just common man’s expenses but also oil marketing companies’ (OMCs) earnings. The cheapest petrol is being sold in Libya at Rs 2.22 per litre, followed by Rs 2.718/litre in Iran and at Rs 3.325/litre in Venezuela.

The most expensive gasoline is being sold in Hong Kong at Rs 420.509 per litre. Gasoline is also expensive at Rs 306.632/ litre in Malawi and at Rs 252.28 per litre in Israel. Not just that petrol is higher in several European countries as well such as at Rs 292.41 in Norway, at Rs 261.08 in Denmark, at Rs 251.13 in Netherlands, at Rs 246.47 in Finland, at Rs 244.96 in Switzerland, at Rs 226.59 in Greece, at Rs 223.75 in France, and at Rs 221.83 in Germany.

Gasoline is priced at Rs 220.03 per litre in the United Kingdom and at Rs 115.43 in the USA.

Diesel Prices Country-Wise

The most expensive petroleum product since West Asia’s conflict has become diesel priced at Rs 463.02 per litre in Hong Kong. In India, diesel is available at Rs 98.10 per litre. The cheapest diesel is priced at Rs 0.396 per litre in Venezuela, followed by Rs 0.544 in Iran and at Rs 2.222 in Libya.

In the Middle East market, diesel is cheaper than India to Rs 34.76/litre in Egypt, at Rs 45.34 in Saudi Arabia, at Rs 35.11 in Kuwait, at Rs 57.66 in Bahrain, at Rs 53.43 in Qatar, and at Rs 63.75 in Oman.

In USA, diesel is available at Rs 159.42 and at Rs 251.82 in the United Kingdom. Diesel continues to be most expensive in Hong Kong, Malawi, Denmark, Norway, Liechtenstein, Switzerland, Singapore, Finland, Netherlands, Belgium, Iceland, France, Germany, Monaco, Israel and Italy among others.

What Impacts Gasoline and Diesel Prices?

As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the U.S. which is an economically advanced country but has low gas prices. 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, as per GlobalPetrolPrices.com.

Accordingly, the retail prices of gasoline and diesel are different country-wise.