Petrol now costs almost twice as much in Mumbai than New York
NEW DELHI: Gasoline prices in India’s financial capital of Mumbai have risen past the Rs 100-a-litre mark for the first time ever, among the costliest in the country and almost twice the price in New York.
Retail prices in the city are up 11% this year and reached Rs 100.47 ($1.39) a litre Monday, Indian Oil Corp data show. The equivalent price in the US financial center is $0.79, according to Bloomberg calculations based on figures from the New York State Energy Research and Development Authority.
Indian fuel prices have soared in the past year as Prime Minister Narendra Modi’s administration has repeatedly raised sales taxes to cushion worsening public finances. Levies now make up around 60% of the retail price and taxes on gasoline and diesel have surged nearly six-fold since 2013.
The steep increase in taxes on the two fuels, which account for more than half of India’s oil consumption, comes as the Covid-19 pandemic pummels demand in the world’s third-biggest crude importer. Sales of the two fuels in May are about a third lower than pre-vir s levels in 2019 as large parts of the nation remained under local lockdowns to battle the world’s worst coronavir s wave.
“I pray for the prices to soften or the go nment to reduce the taxes,” said N Vijayagopal, finance director at Bharat Petroleum Corp, one of India’s three-biggest fuel retailers. Unless that happens, “we have no choice but to increase the retail selling prices,” he said.
What congress couldn't do since 60 years of its rule, modi did in 7 years!
Wait till 2024, BJP jayega, petrol price bapas 84rs per litter.
Ha Ha! That shows that under our honorable Modi's leadership we are more developed than US! Fantastic!
Yay.. Indians are richer than Amuricans.
Modiji forget uttar Pradesh forget uttarakhand forget 2024 your atrocities are unbelievable
Next time ve to an educated PM, not chaiw
what do you think you can expect from a illiterate person running this country god also gives the de l a chance
Bhakts should put 1 big photo of Modi on every petrol pump and check what people do !
petrol price max should be 40 rs , here 2.5 times more ,shame on modi ji
Anuj Spa people
Surpassed America too.... Aur Kitne acche din chahiye
I think BJP wants us to use cows as transport. hence increasing cost of petrol etc... They may want to take India back to 1900...
very insensitive Govt.. hope people will teach them a lesson in ion..
Shailendra Mumbai Pune
Surprisingly Modi is not even addressing this issue or duscussing in media. At the current international rates, petrol should not go beyond 65 Rs. Govt just cannot go on increasing taxes on this product.
and by the way.. Adani's wealth increased 10 fold in 7 days..
Thanks to M0di Ji... best PM of India... Mahahuman.
these go nment have made everything costly ...everything little thing is getting expensive
But a meal costs Rs 100 in India where in new York it's Rs 1000
Comparison is not correct.
If he reduces the price how will Ambani become the richest in the world
in India almost noone pay tax whereas in US almost everyone's income is taxed. so how the govt will get money for public work including free vaccines!!
Great!!! We must feel pride in it, as we are much ahead of developed countries.
Master stroke by Modi ji.. Now we are ahead of US in this..