Comparing the oil prices with the world:
1. In India 70% of the petrol price is taxation. Our price as of 29th June is 1.1 USD per Litre. Price at Hongkong and Zimbabwe is the highest in the world at 2.24 and 2.86 USD respectively.
2. So how does the price in India compare with the world?
The average price of gasoline around the world is 0.97 USD. However, there is a substantial difference in these prices among countries. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. Most of the European countries, south East Asian countries have a higher price than India and of course most of it is in the form of taxation just like India.
3. Some countries having prices higher than India:
a. Japan- $1.18
b. Singapore- $1.4
c. France- $1.51
d. Italy- $1.59
4. Among all human activities, fossil-fuel extraction is the largest contributor to the ongoing buildup of carbon compounds in the earth's biosphere. The International Energy Agency and others report that oil & gas use comprised over 55% (18 Billion Tons) of the record 32.8 Billion Tons (BT) of carbon dioxide (CO2) released into the atmosphere from all energy sources during year 2017.
5. So, many countries including India may have in fact made a correct decision of imposing a steep green tax/carbon tax on oil. Many countries like China are also subsiding the production of renewable energy.
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