Venezuela at 1.51 INR Sells Petrol at Cheapest Rates, India Ranks 111, Pakistan 13

Venezuela sells petrol at the cheapest price in the world, followed by Iran, while Asian countries India and Pakistan rank 111th and 13 respectively, according to www.globalpetrolprices.com.

The biggest single component of retail gasoline or petrol prices is the cost of the crude oil used to produce the gasoline.

Recently, that price of WTI crude oil has been $39-$40 a barrel. In the worldwide oil industry, an oil barrel is defined as 42 US gallons, which is about 159 liters.

This calculates price of crude oil $0.24-$0.25 per liter. Taxes and subsidies, cost of refining and transporting, commission etc are included in retail price.

The average price of gasoline around the world is 0.97 U.S. Dollar per liter. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices.

The differences in prices across countries are mainly due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes.

Out of the 164 countries/regions listed, 93 have price below 1 USD dollar. 53 have between $1.00-$1.50, 16 have between $1.50-$2.00 and two have over $2. Prices are as per the date 29 Jun 2020.

Venezuela has the cheapest price just $0.02 per liter followed by Iran ($0.07). Among the top ten cheapest, five countries are located in Asia continent, four in Africa and one in South America. Zimbabwe has the most expensive price of $2.86 followed by Hong Kong.

Qatar and USA are among top 10 richest economies but has low gasoline price below $1. Even developed countries Australia and Canada has price below $1. Prices are high in European nations as only 8 countries have less than one dollar.

Azerbaijan has the lowest rate in Europe. 35 out of 47 European countries has price above $1. This figure is 9 out of 37 in Asia, 14 out of 41 in Africa, 6 out of 23 in North America, 1 out of 12 in South America and 2 out of 4 in Oceania.

Rank	Country	Gasoline/Petrol Prices per liter	Continent
USD ($)	EURO (€)	INR (₹)	Name	Rank
1	Venezuela	0.02	0.02	1.51	South America	1
2	Iran	0.07	0.07	5.52	Asia	1
3	Sudan	0.14	0.12	10.51	Africa	1
4	Angola	0.28	0.25	20.86	Africa	2
5	Saudi Arabia	0.29	0.26	21.73	Asia	2
6	Qatar	0.29	0.26	21.77	Asia	3
7	Nigeria	0.33	0.30	25.23	Africa	3
8	Kuwait	0.34	0.30	25.75	Asia	4
9	Algeria	0.36	0.32	26.90	Africa	4
10	Malaysia	0.39	0.35	29.80	Asia	5
11	Kazakhstan	0.43	0.38	32.20	Asia	6
12	Turkmenistan	0.43	0.38	32.28	Asia	7
13	Pakistan	0.44	0.39	33.42	Asia	8
14	Afghanistan	0.45	0.40	34.11	Asia	9
15	Ecuador	0.46	0.41	34.89	South America	2
16	Azerbaijan	0.47	0.42	35.52	Europe	1
17	Kyrgyzstan	0.49	0.43	36.65	Asia	10
18	United Arab Emirates	0.49	0.44	36.99	Asia	11
19	Burma	0.50	0.44	37.48	Asia	12
20	Oman	0.50	0.44	37.64	Asia	13
21	Egypt	0.53	0.47	39.75	Africa	5
22	Bahrain	0.53	0.47	39.98	Asia	14
23	Haiti	0.54	0.48	40.48	North America	1
24	Bolivia	0.54	0.48	40.65	South America	3
25	Colombia	0.56	0.50	42.13	South America	4
26	Lesotho	0.58	0.52	44.15	Africa	6
27	Panama	0.62	0.55	46.69	North America	2
28	Georgia	0.62	0.55	46.82	Europe	2
29	Iraq	0.63	0.56	47.24	Asia	15
30	Ethiopia	0.63	0.56	47.61	Africa	7
31	Puerto Rico	0.63	0.56	47.70	North America	3
32	Indonesia	0.64	0.57	48.15	Asia	16
33	Uzbekistan	0.64	0.57	48.59	Asia	17
34	Vietnam	0.65	0.58	49.15	Asia	18
35	Tanzania	0.66	0.58	49.49	Africa	8
36	Bhutan	0.66	0.58	49.56	Asia	19
37	Botswana	0.66	0.59	49.69	Africa	9
38	Russia	0.66	0.59	49.96	Europe	3
39	USA	0.66	0.59	50.12	North America	4
40	Tunisia	0.69	0.61	52.05	Africa	11
41	Guyana	0.69	0.62	52.20	South America	5
42	Swaziland	0.69	0.62	52.24	Africa	10
43	Namibia	0.70	0.62	52.46	Africa	12
44	El Salvador	0.71	0.63	53.57	North America	5
45	Sierra Leone	0.72	0.64	54.22	Africa	13
46	Togo	0.73	0.65	54.95	Africa	14
47	Belarus	0.74	0.66	55.69	Europe	4
48	Guatemala	0.74	0.66	56.03	North America	6
49	Brazil	0.74	0.66	56.18	South America	6
50	Liberia	0.75	0.66	56.24	Africa	15
51	South Africa	0.76	0.67	57.07	Africa	16
52	Fiji	0.77	0.68	57.82	Oceania	1
53	Lebanon	0.77	0.69	58.43	Asia	20
54	Nepal	0.79	0.70	59.75	Asia	21
55	Taiwan	0.80	0.71	60.24	Asia	22
56	Ghana	0.80	0.71	60.36	Africa	17
57	Argentina	0.81	0.72	61.23	South America	7
58	Cambodia	0.81	0.72	61.40	Asia	23
59	Mexico	0.81	0.72	61.41	North America	7
60	Ukraine	0.82	0.73	61.81	Europe	5
61	Australia	0.82	0.73	62.03	Oceania	2
62	Honduras	0.84	0.75	63.25	North America	8
63	Bahamas	0.85	0.75	63.88	North America	9
64	Trinidad & Tobago	0.85	0.75	63.93	North America	10
65	Nicaragua	0.85	0.75	63.95	North America	11
66	China	0.85	0.76	64.49	Asia	24
67	Kenya	0.86	0.76	64.70	Africa	18
68	Sri Lanka	0.86	0.77	65.00	Asia	25
69	Benin	0.87	0.77	65.30	Africa	19
70	Dominica	0.87	0.78	65.76	North America	12
71	Suriname	0.87	0.78	65.95	South America	8
72	Chad	0.89	0.79	66.98	Africa	20
73	Paraguay	0.89	0.79	67.02	South America	9
74	Laos	0.89	0.79	67.27	Asia	26
75	Canada	0.89	0.79	67.29	North America	13
76	Aruba	0.89	0.79	67.30	North America	14
77	Peru	0.90	0.80	68.20	South America	10
78	Moldova	0.91	0.81	68.37	Europe	6
79	Cape Verde	0.91	0.81	68.54	Africa	21
80	Turkey	0.91	0.81	68.55	Europe	7
81	Mozambique	0.92	0.81	69.10	Africa	22
82	Morocco	0.92	0.82	69.43	Africa	23
83	Dominican Republic	0.92	0.82	69.62	North America	15
84	Thailand	0.92	0.82	69.76	Asia	27
85	Guinea	0.93	0.83	70.12	Africa	24
86	Malawi	0.93	0.83	70.31	Africa	25
87	Saint Lucia	0.94	0.83	70.66	North America	16
88	Philippines	0.95	0.84	71.40	Asia	28
89	Bulgaria	0.96	0.85	72.51	Europe	8
90	Zambia	0.97	0.86	73.23	Africa	26
91	Jamaica	0.98	0.87	74.09	North America	17
92	Chile	0.98	0.88	74.24	South America	11
93	Ivory Coast	0.99	0.88	75.00	Africa	27
94	Costa Rica	1.00	0.89	75.21	North America	18
95	Rwanda	1.01	0.90	75.93	Africa	28
96	DR Congo	1.02	0.91	76.93	Africa	29
97	Grenada	1.02	0.91	76.97	North America	19
98	Bosnia & Herz.	1.03	0.91	77.41	Europe	9
99	Romania	1.03	0.92	77.67	Europe	10
100	Gabon	1.04	0.92	78.23	Africa	30
101	Bangladesh	1.04	0.93	78.86	Asia	29
102	Burkina Faso	1.05	0.93	78.87	Africa	32
103	Madagascar	1.05	0.94	79.60	Africa	31
104	Poland	1.06	0.94	79.82	Europe	11
105	Uganda	1.06	0.94	79.84	Africa	33
106	Belize	1.07	0.96	81.10	North America	20
107	Cameroon	1.08	0.96	81.46	Africa	34
108	Lithuania	1.09	0.97	82.28	Europe	12
109	Mauritius	1.10	0.98	82.76	Africa	35
110	Northern Macedonia	1.10	0.98	83.29	Europe	13
111	India	1.10	0.98	83.34	Asia	30
112	Slovenia	1.12	1.00	84.83	Europe	14
113	South Korea	1.12	1.00	84.84	Asia	31
114	Cayman Islands	1.12	1.00	84.87	North America	21
115	Andorra	1.13	1.01	85.51	Europe	15
116	Hungary	1.14	1.01	86.00	Europe	16
117	Czech Republic	1.14	1.02	86.24	Europe	17
118	Jordan	1.16	1.03	87.29	Asia	32
119	Austria	1.18	1.05	88.90	Europe	18
120	Japan	1.18	1.05	88.91	Asia	33
121	Yemen	1.18	1.05	88.95	Asia	34
122	Luxembourg	1.20	1.07	90.34	Europe	19
123	Cuba	1.20	1.07	90.57	North America	22
124	Cyprus	1.20	1.07	90.94	Europe	20
125	Serbia	1.22	1.08	91.98	Europe	21
126	Mali	1.22	1.09	92.45	Africa	36
127	Burundi	1.24	1.10	93.74	Africa	37
128	Montenegro	1.25	1.11	94.16	Europe	22
129	Latvia	1.26	1.12	95.09	Europe	23
130	Spain	1.29	1.15	97.17	Europe	24
131	Croatia	1.29	1.15	97.43	Europe	25
132	Slovakia	1.30	1.16	98.06	Europe	26
133	New Zealand	1.30	1.16	98.13	Oceania	3
134	Uruguay	1.31	1.16	98.58	South America	12
135	Senegal	1.33	1.18	100.21	Africa	38
136	Estonia	1.35	1.20	101.63	Europe	27
137	United Kingdom	1.36	1.21	102.47	Europe	28
138	San Marino	1.38	1.23	104.26	Europe	29
139	Barbados	1.38	1.23	104.27	North America	23
140	Ireland	1.38	1.23	104.34	Europe	30
141	Switzerland	1.39	1.24	104.87	Europe	31
142	Liechtenstein	1.39	1.24	104.96	Europe	32
143	Singapore	1.40	1.24	105.50	Asia	35
144	Belgium	1.45	1.29	109.68	Europe	33
145	Germany	1.46	1.30	110.19	Europe	34
146	Mayotte	1.49	1.33	112.82	Africa	39
147	Malta	1.51	1.34	113.67	Europe	37
148	France	1.51	1.34	113.84	Europe	36
149	Sweden	1.51	1.35	114.14	Europe	35
150	Finland	1.52	1.35	114.60	Europe	38
151	Albania	1.53	1.36	115.23	Europe	39
152	Monaco	1.53	1.36	115.54	Europe	40
153	Portugal	1.55	1.38	116.89	Europe	41
154	Israel	1.57	1.40	118.73	Asia	36
155	Iceland	1.58	1.41	119.39	Europe	42
156	Italy	1.59	1.41	119.68	Europe	43
157	Denmark	1.59	1.42	120.27	Europe	44
158	Greece	1.61	1.43	121.39	Europe	45
159	Wallis and Futuna	1.65	1.47	124.80	Oceania	4
160	Norway	1.67	1.49	126.29	Europe	46
161	Netherlands	1.75	1.56	132.33	Europe	47
162	Central African Rep.	1.88	1.68	142.23	Africa	40
163	Hong Kong	2.24	1.99	168.86	Asia	37