Oil in India much cheaper than Mineral Water

Update: 2016-01-12 07:47 GMT
Its Official, Oil in India now costs much less than mineral water as the Global crude oil prices has continued to fall. However, The change can't be noticed in the petrol and diesel prices in the country just because Centre has hiked the excise duty to fill the coffers.

Last week, Price of Indian crude basket has come down to $29.24 per barrel Rs 1,956.45 per barrel at Rs 66.91 per dollar. As an Oil barrel is 159 litres, The current price of crude oil is Rs 12 per litre. Even a litre mineral water costs anywhere around Rs 15 in India.

Since mid-2014, Global crude oil prices have fallen over 70 percent. In the coming days, A barrel of oil might even cost just $20.

Excise Duty on Petrol and Diesel have stood at Rs 7.73 per litre and Rs 7.83 per litre in fiscal year 2015-16. Had if the excise duty wasn't raised, The burden on consumer would have have fallen by around Rs 10 per like. While Petrol costs Rs 59.35 per litre, Diesel is priced at Rs 45 per litre.
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