“The retail selling prices of petrol and diesel in India even after the reduction is approximately 2.5 and 2 times that of Singapore benchmark prices respectively. As much as 42% to 50% of the retail selling prices will continue to go to the government as taxes,” it said. Retail selling prices have been increasing since July 2017 in line with the rise in international oil prices and had reach near record highs. In Delhi, petrol prices and diesel prices fell by ₹2.5 and ₹2.35 per litre respectively. Moody’s said despite the decline in international prices of petrol and diesel since 2014, retail selling prices of petrol and diesel have stayed high in India as the government mopped up most of the reduction in international prices by increasing the excise duty.

Source: The Hindu October 06, 2017 11:37 UTC