India's petrol rise mild despite Brent topping $111 a barrel
While global petrol prices are shooting up thanks to the West Asia conflict, India's price bump has been pretty mild.
On May 18, Brent crude climbed above $111 a barrel, but in Delhi, petrol only went from ₹94.77 to ₹97.77 per liter, a small 3.2% rise over the past year.
For perspective, the US saw a 40% jump and Pakistan's prices soared by 56%.
Refiners face ₹52,000cr monthly losses
Compared to most countries, India's petrol is still a bargain: France (₹223.9 per liter), the United Kingdom (₹203.3 per liter), and even Pakistan (₹134.4 per liter) all pay way more at the pump.
Only places like the United Arab Emirates and Vietnam have slightly lower rates than India right now.
A Moneycontrol analysis says this is because state refiners and the government are taking on most of the cost hike themselves, even though it means big monthly losses for refiners (about ₹52,000 crore).