PRICE COMPARISON OF CRUDE AND PETROL


While  evaluating the international price of crude and Indian price of petrol one cannot find neither any rationality nor relation byship not even the basic principles of 'mathematical' computation. Price comparison is shown below:

Year   Average   Annual  Price of
           yearly      change  petrol
           price of         (%)   in India
           crude  per
           barrel
             ($)
_________________________________
2000   30.38    03.73    25.94
2001   25.98   -25.30
2002   26.19    56.36    27.54
2003   31.08    04.17    32.49
2004   41.51    33.37    
2005   56.64    40.82    40.49
2006   66.05   -00.34    47.51
2007   72.34    57.68    42.85
2008   99.67   -53.52    45.86
2009   61.95    78.00    40.62
2010   79.48    15.10    47.43
2011   94.88    08.15    63.37
2012   94.05   -07.08    73.18
2013   97.98    06.90    63.09
2014   93.17   -45.55    71.51
2015   48.66   -30.53    66.29
2016   43.29    44.76    63.02
2017   50.80    12.48    65.32
2018   65.23   -25.32    78.43
2019   56.99    35.42    71.09
2020   39.68   -20.60    75.14
2021   53.41    20.94    87.60

Note: (1) Petrol prices shown above are mostly the opening price of the year in Delhi.
(2) Annual change of price in crude is shown based on the high, low, year open and year close prices
(3) Price of petrol of 2021 is the price of 12.02.2021 in Delhi, while the price in Mumbai is 94.12, Kolkata 88.92 and Chennai 89.26.

When the price of crude was $30.38, petrol was ₹ 25.94 in 2000. In 2005  these were 56.64 and 49.49. In 2007 these remained 72.34 and 42.85 and 2008, 99.67 and 45.86. Most surprisingly when the crude price came down to 39.68 in 2020 petrol price stood at 75.14. Now (2021)  the crude price is 53.41 and the petrol price is 87.60 (in Delhi) and hiked ₹90/- and more in many parts of the country.

When we make the comparison of international prices of crude and Indan prices of petrol we can find irrational and unrealistic variation between the two. When the people are crying against this price rise, which in turn cause unbearable price rise in almost all commodities, almost all Indians together asking the government, for whose sake the price of petrol is raised on almost a daily basis.

Considering the pathetic state of the people of this country, the government may mercifully look into this and try to bring down the price of petrol and allied fuel by a minimum of 25%.

(This report was computed a few months back)

KV George
kvgeorgein@gmail.com

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