Fuel price; India supplies other countries selling at cheaper rates
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Kochi: The central government that loot the citizens by imposing heavy tax on fuel, but sells petrol and diesel to other countries at a discounted price.
On the other hand, the countries which import fuel from India make it available to the people at a low price.
Even as the petrol prices in India peak to Rs 90, the countries which import fuel from India, has been controlling the prices without increasing the tax.
India is in the forefront of exporting refined oil like in the case of importing crude oil. The country ranks 10 in the list of exporting nations. The country exports fuel to countries including oil-producing nations. This is also one of the important sources of revenue for the country.
It had sold petrol for Rs 34 per litre to 15 countries and Rs 37 per litre to 29 countries between January 1 to June 30 this year. Even as the fuel prices surge up to Rs 70, the price was very less in all these countries.
India had exported petroleum products worth $ 2,410 crore in 2017. It had also exported 43,16, 000 metric ton of petrol worth Rs 21,181 crore and 84, 96, 000 metric ton diesel worth Rs 37,245 crore to different countries from April to July this year.
At the current dollar exchange rate and the price of crude oil in the global market , India spends Rs 35.67 per litre for importing it. An additional Rs 10 will be required to refine the fuel.
Excise duty imposed by the Centre and the sale tax by the states are what leads to a double increase in the price of fuels.
