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Petrol is CHEAPEST in these 10 nations!

Last updated on: November 3, 2011 09:32 IST

Image: A Chevrolet 1957 Belair car is driven out of a gas station after refueling in Havana.
Photographs: Desmond Boylan/Reuters.

Petrol prices are the most volatile across the world. The price of gasoline depends on the price of crude oil, the taxes imposed by different states, the exchange rate and oil company costs.

Demand and supply imbalance also influence petrol and diesel prices. So prices vary in different countries.

In India, petrol prices continue to rise as the country largely depends on imports to meet its requirements.

While many nations continue to see a rise in petrol prices, take a look at the prices in these countries where petrol is cheaper than water!

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Petrol is CHEAPEST in these 10 nations!

Image: A petrol pump in Venezuela.
Photographs: Reuters.

1. Venezuela
Petrol price: $0.03

Venezuela which has the cheapest rate for petrol, has the world's largest proven oil reserves. It beat Saudi Arabia's for the first time according to the Organization of Petroleum Exporting Countries.

According to OPEC, Venezuela's proven oil reserves rose by 40 per cent in 2010 to reach 297 billion barrels.

Proved reserves are those quantities of petroleum which can be made available commercially from reserves.

Retail petrol price (US dollars per litre)

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Petrol is CHEAPEST in these 10 nations!

Image: A station attendant fills up a car at petrol station in Jeddah.
Photographs: Susan Baaghil/Reuters.

2. Saudi Arabia
Petrol price: $0.13/ltr

Saudi Arabia has the world's second largest oil reserves estimated to be 267 billion barrels.

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Petrol is CHEAPEST in these 10 nations!

Image: A man fills up the tank of a car at a petrol station in Tripoli.
Photographs: Youssef Boudlal/Reuters.

3.Libya
Petrol price: $0.14/ltr

Oil reserves in Libya are the largest in Africa and the eighth largest in the world with 46.4 billion barrels.

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Petrol is CHEAPEST in these 10 nations!

Image: A night view shows the Turkmenistan pavilion at the Shanghai World Expo site.
Photographs: Shi Tou.

4. Turkmenistan

Petrol price: $0.19/ltr

Turkmenistan has the world's fourth largest reserves of natural gas within a singular national boundary.

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Petrol is CHEAPEST in these 10 nations!

Image: A Bahraini youth sells bottles of petrol to queuing motorists in Manama.
Photographs: Hamad I Mohammed/Reuters.

5. Bahrain
Petrol price: $0.21/ltr

Bahrain was the first state in the Gulf region to discover crude oil. The oil production in Bahrain has risen to to 40,000 barrels per day (bpd).

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Petrol is CHEAPEST in these 10 nations!

Image: Metal fences are erected at the main square in Kuwait City.
Photographs: Reuters.

6. Kuwait
Petrol price: $0.22/ltr

Kuwait is one of the world's top producers and exporters of crude oil. Oil reserves in Kuwait make up 8 per cent of the oil reserves in the world.

It is OPEC's third largest oil producer and holds approximately 104 billion barrels of oil.

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Petrol is CHEAPEST in these 10 nations!

Image: The Doha Office Tower (L) stands next to skyscrapers under construction in Doha.
Photographs: Mohamad Dabbouss/Reuters.

7. Qatar
Petrol price: $0.24/ltr

Petroleum is backbone of Qatar's economy and accounts for more than 70 per cent of total government revenue and more than 60 per cent of gross domestic product.

It has proven oil reserves of 15 billion barrels.

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Petrol is CHEAPEST in these 10 nations!

Image: A farmer harvests clover in front of the Mstrd oil refinery in Cairo.
Photographs: Nasser Nuri/Reuters.

8. Egypt
Petrol price: $0.30/ltr

The petroleum industry plays a key role in the Egyptian economy. With 18.3 billion barrels of oil, Egypt has achieved its highest-ever proven oil reserves during the 2009-2010.

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Petrol is CHEAPEST in these 10 nations!

Image: A general view shows the Oman pavilion at the Shanghai World Expo site.
Photographs: Reuters.

9. Oman
Petrol price: $0.32/ltr

Oman has proven oil reserves to the tune of 5.5 billion barrels of oil.

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Petrol is CHEAPEST in these 10 nations!

Image: OAIC state grain agency workers load a cargo ship with grain to be sold to the international market at Algiers port.
Photographs: Zohra Bensemra/Reuters.

10. Algeria
Petrol price: $0.32/ltr

Algeria has proven oil reserves of 12.2 billion barrels of oil. The country gets more than 97 per cent of its export revenue from the oil sector.