At a time when petrol and diesel prices have hit record high, an analysis based on data compiled from various online sources reveals that petrol and diesel prices in India are not only the highest in this region but also fourth highest among the top 10 crude oil consuming nations in the world.
India is, says the US Energy Information Administration, the third largest consumer of crude oil in the world at 4.14 million barrels a day (mbd), about four per cent of global consumption. The US (19.53 mbd) and China (12.02 mbd) are the top two.
In this list of the top 10 consumers, India has one of the costliest prices — $1.19 a litre for petrol and $1.05 a litre for diesel. The top three are Germany, South Korea and Japan, based on May 21 international product pricing data available with Globalpetrolprices.com. Read More