In comparison to most other countries, petrol is one of the most costly commodities in India, but it is not the only country affected by global instability. All of India's neighbors, including Sri Lanka, China, Nepal, and Pakistan, are feeling the effects of rising global crude oil prices, but their prices are lower when measured in terms of the rupee.
People in large oil-producing countries such as the United States and China, on the other hand, pay significantly less for gasoline and diesel than Indians do. As per Times now In the US, petrol is currently retailing at Rs 53.88 per litre or $0.64 a litre while diesel prices in the states are just shy of Rs 59 ($0.83/litre).
In June, fuel prices surged to new heights. Fuel prices in India have risen by 13 in the last month, breaking the 100-rupee barrier in nine states and union territories. Fuel costs differ by state due to local taxes such as value-added tax (VAT) and other considerations such as freight expenses. Rajasthan, Madhya Pradesh, and Maharashtra are said to have the highest VAT on petrol in the country.
The Union government levies excise duty and cess on fuel, and states levy a value added tax (VAT). Taxes together constitute 58 per cent of the retail selling price of petrol and around 52 per cent of the retail selling price of diesel at present. This means that if the price of petrol is Rs 100 per litre, taxes levied by the Modi government and state governments together account for Rs 58.