Petrol prices in India have spoiled the budget of the people. Petrol prices have crossed the figure of Rs 100 per litre in many country cities. Apart from India, petrol prices are skyrocketing in many countries.
But there are some countries where petrol is sold at a lesser price than water (Cheapest Petrol in the World). On the other hand, in one country, the petrol rate is equal to the price of a matchbox sold in India. If we look at the crude oil rate in the international market, it is trading at $87 per barrel. At the same time, American crude has also reached $ 80 per barrel.
Crude Oil Price
Now, if we look at the rate of crude oil per litre, then there are 158.987 litres of petrol in a barrel. According to $ 87, the price of one litre of crude will be around Rs. 45 per litre. This is the calculation of crude oil sold at the international market rate. Now let us tell where the cheapest petrol is being sold worldwide. Petrol is also called Gasoline in many countries of the world.
Difference Between Petrol and Gasoline
Petrol and Gasoline are the same things. Only their names are different. In UK, India and some other countries, petrol is called Gasoline, whereas, in the US and other countries, it is called Gasoline. Today we will tell you the names of 5 such countries, where the price of petrol is around Rs 30 per litre.
Where Is The Cheapest Petrol Being Sold?
America’s neighbouring country Venezuela has vast reserves of crude oil. According to Globalpetrolprices.com, petrol (Gasoline) is sold for less than Rs 2 a litre (Rs 1.31/litre). The cheapest petrol in the world is currently being sold in Venezuela only. After this, the cheapest petrol is available in Libya, Iran, Angola, Algeria, and Kuwait. Petrol is available in Libya at the rate of Rs 2.54 per litre.
The petrol price in Iran is Rs 4.34 per litre. Like Venezuela, Iran has extensive reserves of crude oil. India has also been one of the buyers of crude oil from Iran. The price of one litre of petrol in Algeria is Rs 27.07 per litre. Petrol in Kuwait is being sold at Rs 27.89 per litre. These figures for petrol are based on 14 November.
India Has Increased Purchases From Russia
There is a softening in crude oil prices in the international market. India has significantly increased the import of crude oil from Russia this year. Before the Russia-Ukraine war, Russia’s share in India’s total oil imports was not even 2 per cent.
Whereas now it has reached close to 20 per cent. India also buys a large amount of crude oil from Iran. But after increased supply from Russia, there has been a decline in purchases from Iran.
