How are petrol prices determined?

Cost of crude oil, Exchange rate, Taxes and duties, Refining and distribution costs, Market demand, Political and economic instability

Why does the price of petrol vary across nations?

The price of petrol (or gasoline, as it is known in some countries) varies widely among different countries due to a variety of factors, including the cost of crude oil, the exchange rate of the local currency against the US dollar, taxes and duties imposed by the government.

How to calculate retail price of petrol?

Retail price of petrol = Cost of crude oil + Refining and distribution costs + Taxes and duties

How much fuel does India import?

India is a major importer of crude oil and petroleum products, such as petrol, diesel, and cooking gas. According to the Ministry of Petroleum and Natural Gas, India's crude oil imports in 2020-2021 were valued at around INR 8.2 trillion.

How much crude oil is refined in India?

India is one of the largest refiners of crude oil in the world. This capacity is spread across 26 refineries in the country, which are operated by state-owned and private sector companies.

Why is petrol being doped with ethanol?

Ethanol blending in petrol is a process in which ethanol, which is a biofuel made from renewable feedstocks such as sugarcane, is mixed with conventional petrol. Ethanol blending is a way to reduce the reliance on fossil fuels and to lower greenhouse gas emissions from the transport sector.

Why do petrol and diesel not follow the GST regime?

Bringing petrol under the GST would effectively mean reducing taxes on it. The highest tax slab under the GST is 28%, while fuels such as petrol and diesel are taxed at more than 100% as of now.