WHAT IS BEHIND THE OIL PRICE


The BJP government led by Sri Narendra Modi came to power in the Centre on 26 May 2014. Prior to that when Dr Manmohan Singh was the Prime Minister Sri Narendra Modi promised to the people that if his government come to power he would ensure that petrol price would be brought down (During May 2014 crude price was USD 108.05 per bbl and petrol price in India was Rs 71.41 per litre) Since 2014 we may find below the price of oil in the international market. Prices are shown below the lowest/average price per bbl in USD on the given year.

26 May 2014 - 108.05
2015 average-   48.66
2016 average-   26.68
2017 27 Mar -   49.41
2018 average-   65.23
2019 average-   56.99
2020 average-   39.68
2021 average-   70.86
2022 average- 100.93
2023 average-   82.49
2024 lowest  -   70.38 

Prices of Petrol and Diesel in India
per litre in INR

Date/year.   Petrol       Diesel 

May 2014     71.41        55.49
July 2015     66.62        50.22 N.Delde
Jan 2016      59.35.       45.03
July 2017     71.15        53.61
July 2018     75.55        67.38
July 2019     72.96        66.09
June 2020    79.76       79.88
2021-2022  110-120  100-110
2023              96.12       89.62
10 Apr 2024 94.72       87.12

It can be seen from the above that despite the price of crude falling down continuously the price of petrol and diesel were going upwards in India. The price of petrol and diesel are the prime elements that hike the price of almost all food items. There is also a huge amount collected by the government towards taxes and duties imposed on petrol and diesel. How to correct it, is to be decided by the people of the country.

Note: One bbl (barrel) is 42 US gallons or approx 159 litres or 35 imperial gallons.

K V George 
       

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