Petrol prices in US touch 14 year high, remain cheaper than India

Fuel prices directly affect the everyday budget of each common man. Currently, those living in the US are struggling with the highest petrol prices in 14 years as the average price of a gallon of gasoline (petrol) stood at $4.31 (approx. Rs 329) on March 10. While the hike in price has broken the previous record of $4.11 set on July 17, 2008, it is still cheaper than the petrol price in India.

Fuel in US is sold in gallons, wherein one US gallon equals to 3.78 litre. This means a litre of petrol in the US when converted in Indian rupee will imply cost of Rs 86.97. This is quite less than the price at which petrol is being sold in India since months.

Most of the Indian cities are currently bearing petrol prices above Rs 90. At some places like Mumbai, the price has gone beyond Rs 100.

Petrol prices have remained mostly stagnant since November 4, 2021 when the government announced excise duty cut by Rs 5 per litre on petrol.

It is important to note that most places in the US have prices higher than India, but there are still some spots where petrol price is similar of higher. California ($5.69 i.e. Rs 114.82), Nevada ($4.87 i.e. Rs 98.27), Hawaii ($4.81 i.e. 97.06) and Washington ($4.70 i.e. Rs 94.85) are some of them.

Kansas has the cheapest petrol at $3.81 per gallon (Rs 76.88 per litre).

Impact of Russia-Ukraine war

Ever since the war started in Ukraine, fuel prices have witnessed a significant surge in the US. The average price has hiked $0.70 in the first 14 days of the war. Indians are speculating a further hike in retail prices after the Assembly Elections 2022.