In the last 15 days, oil prices in South Asia have seen a lot of volatility. In some areas the prices have increased rapidly, while in some places the governments have reduced the prices to provide relief to their citizens. In India, while the prices of petrol and diesel are continuously increasing, the situation has been different in Pakistan and some other countries. Tension in the Middle East and rising prices of crude oil have affected not only India but also all its neighboring countries. The only difference is that every country has adopted different methods according to the specific needs of its economy. Here you can take an overview of the current situation in your country and its neighboring countries.
What has changed in India?
In the last 15 days, petrol and diesel prices in India have increased by about ₹7 to ₹8 per litre. According to media reports, the prices were increased four times in just 10 to 12 days, which spoiled the budget of common citizens. Petrol prices have already crossed ₹100 to ₹110 in many cities, while diesel is also becoming costlier. As a result, prices of transport and daily essentials have also increased.
relief in pakistan
The situation in Pakistan has seen a lot of ups and downs. Some time ago, there was a huge increase in the prices of petrol and diesel in the country – by more than ₹50 (a huge increase in PKR terms), taking the prices to around PKR 320 per litre. However, in view of international pressure and rising inflation in the country, the government has later given some relief. There was a sharp rise in prices in the beginning, but later they came down slightly. Nevertheless, prices still remain at quite high levels.
expensive prices in bangladesh
In Bangladesh, there has been no major movement in oil prices in the last 15 days; However, prices were already quite high. Since fuel subsidies in the country are limited, prices remain expensive for the common man, even though there has been no change in them during this period.
Price rise in Nepal
Oil prices in Nepal are greatly influenced by the fact that it is more dependent on imports than India. In the last 15 days, there has been a slight acceleration in price rise, which has impacted the cost of transportation and everyday expenses. The government is trying to control prices.
reforms in sri lanka
In Sri Lanka – which was recently facing a severe economic crisis – the oil market is now gradually stabilising. No sudden fluctuations in prices have been observed. Following IMF support, efforts are underway to bring the situation under control; However, prices are still above normal levels.
There is no unnecessary burden in China
In China, oil prices remain under government control; As a result, large price fluctuations are rarely seen. Very little change has been seen in prices in the last 15 days. The government maintains stability through a combination of subsidies and regulatory controls, so that there is no sudden economic burden on the common man.
India vs its neighbours: what’s the difference?
A closer look reveals that the recent rise in oil prices has been steepest in India. The main reasons behind this trend are: rising global crude oil prices, weakening rupee, current tax structure and cost adjustments made by oil companies. In contrast, countries like Pakistan and Sri Lanka have seen a mixed pattern of relief and sudden price increases, mainly due to internal instability in their economies. The trends seen in the last 15 days clearly show that oil prices in South Asia have become completely dependent on the global market. While the persistent rise in prices in India has taken a toll on the economic condition of the common man, other countries in the region are experiencing a mix of relief and instability.
Nature
Currently working as a Senior Copy Editor at ABP Network, Srishti has more than four years of experience in the field of digital media. His areas of expertise include writing, interviewing and providing analysis in the areas of business, entertainment, religion, lifestyle and travel. Srishti, a graduate in Mass Communication from CCSU, started her career with *Navbharat Times*, after which she worked with the team of *Times Now Navbharat* for two and a half years. For Srishti, being a “film lover” alongside her work in finance is not just a profession, but an integral part of her identity.