Petrol in the US is cheaper by Rs 18.02 a litre than in India, while diesel is expensive by Rs 13.23 a litre. But the two products are much cheaper in India than in many European countries.
Responding to a query on whether prices of petrol and diesel are costlier in India as compared to other countries, the Minister of State for Petroleum & Natural Gas, RPN Singh said that while the price of petrol in India is comparable to many of the countries, the price of diesel is lower in comparison to the neighbouring and European countries.
The retail selling price of petroleum products in India vary from State-to-State on account of variations in the inland freight, sales tax/VAT, and other local taxes. The Petroleum Ministry has been requesting the State Governments for reduction in the sales tax/VAT rates on petrol and diesel to lessen the burden on the consumers.
Expectations are that after the monsoon session of Parliament ends on September 7, the Government may allow upward revision in cooking and fuel prices.