Updated: July 28, 2020 6:02:43 pm
Petrol prices across most of the Asia-Pacific (APAC) countries witnessed a steep fall of up to 19 per cent during first half of the year 2020, while in India, it rose by 1 per cent on year, a survey by global discount site Picodi.com showed.
As per the company’s Petrol Index report, petrol prices in the first half of 2020 were lower than 2019 in 11 out of 16 considered APAC countries, with the largest drop being noted in Malaysia (−19 per cent). It was followed by Vietnam (−18.4 per cent) and Thailand (−17.7 per cent).
China, the word’s second largest and the biggest economy in the APAC region, witnessed a 12.1 per cent year-on-year fall in petrol prices, while in Japan petrol slipped 5.5 per cent from a year ago, the data from the report showed.
However, petrol prices in India saw a rise of 1 per cent in the first six months of the year, the data showed. This rise can be attributed to the two excise duty hikes in petrol and diesel by the central government and also rise in value-added tax (VAT) by some state governments.
The government on March 14 hiked excise duty on petrol and diesel by Rs 3 per litre each and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. A rise in VAT by some state governments and union territories too added to the pressure in fuel prices.
Among other APAC countries where the price of the key automobile fuel spiked, Sri Lanka recorded the maximum rise of 3.4 per cent on-year, while Pakistan and Hong Kong saw a climb of 1.8 per cent each.
Separately, the survey also claimed that average Indian can buy 434 litres of petrol with their pay. This is based on the average salary of Rs 32,603, it said attributing the salary data to Numbeo, a crowd-sourced global database.
In comparison, the survey said that an average Pakistani can buy 351 litres, while those in the Philippines can get 333 litres. People living in Indonesia, Sri Lanka, and Cambodia can purchase 314 litres, 300 litres, and 250 litres respectively.
It further said that among all the APAC countries, Malaysia enjoys the cheapest petrol. The average petrol price in Malaysia, converted from ringgit to US dollars is 38 cents per litre. On the other hand, Hong Kong shells out the most for petrol at $2.22 per litre.
Australia has the best petrol price to an average salary ratio in the APAC countries, wherein Australians can buy 4,288 litres of petrol from their average wage. Malaysia comes second in the list with its residents able to purchase 2,135 litres. New Zealand completes the podium with 2,082 litres, the survey showed.
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