The recent data released by the central government highlights an interesting trend in fuel prices, notably the decline in petrol and diesel costs in India between November 2021 and November 2023. During this period, petrol prices in India decreased by 11.82%, while diesel prices saw an 8.94% reduction.
In contrast, neighbouring countries such as Sri Lanka and Pakistan experienced significant surges in fuel prices. Sri Lanka witnessed a staggering 54.32% increase in petrol prices and a 110.24% hike in diesel costs, while Pakistan encountered a 41.24% surge in petrol prices and a 53.55% rise in diesel prices during the same period.
Furthermore, advanced Western nations like the US, Canada, the UK, and Germany also observed notable escalations in petrol and diesel prices, ranging from 7.3% to 27.59% for diesel and 7.3% to 11.36% for petrol.
The official statement from the government highlighted proactive measures taken to mitigate the economic impact of soaring crude oil prices. These measures aimed to stabilize fuel prices, ensuring minimal disruption for consumers. The government's strategic planning and policy initiatives were implemented to shield citizens from the repercussions of global oil price fluctuations.
The statement emphasized the government's commitment to prioritizing stability amidst market volatility, safeguarding citizens' economic well-being against external challenges. The average price of India's crude oil imports declined from $92.41 per barrel in November to $86.58 per barrel in December, indicating a downward trend.
Amid global shifts and challenges, India has strategically increased oil imports from Russia post-Ukraine's conflict, despite Western pressures, due to discounted offerings. Russia has emerged as India's largest oil exporter, surpassing Saudi Arabia. Additionally, Indian oil companies are diversifying their supply sources by sourcing from Venezuela, following the US lifting sanctions on the Latin American country. These measures aim to ensure a diversified and stable supply of oil for India's energy needs.
(With Agency Inputs)
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