Drop in case of Petrol price change was sharper in India at 5% points
Reportedly the decisive steps taken by the Modi government shielded common citizens from global oil price volatility, according to the response to an unstarred question in the Rajya Sabha. Meanwhile the data from october 2021 to october 2023 shows the percentage change in diesel prices in major and neighbouring countries. Barring india, which saw a 1% point drop, most countries saw a rise. For instance, the rise in percentage points was witnessed in sri lanka (118), pakistan (73), nepal (53) and bangladesh (45). The surge was seen even in the US (39), canada (31), spain (25), france (24), italy (22), germany (21) and the UK (13).Accordingly the drop in case of petrol price change was sharper in india at 5% points, whereas most countries saw a rise. The data for the same period shows the percentage point rise in pakistan at 70, sri lanka at 60, nepal at 40 and bangladesh at 26. Other major economies too registered a percentage rise the US (22), spain (16), france (15), the UK (10) and canada at 8. From a market share of less than 1 per cent in India’s import basket before the start of the Russia-Ukraine conflict in february 2022, Russia’s share of India’s imports rose to 1.96 million barrels per day in May, taking a 42 per cent share. OPEC supplied 1.8 million bpd out of 4.7 million bpd oil india imported in May. This was down from 2.1 million bpd imported in April, according to Vortexa.