Petrol is cheapest in these 10 countries

Petrol prices are the most volatile across the world. The price of petrol depends on the price of crude oil, taxes, exchange rate and oil company costs.

Petrol price has been slashed by Rs 2 per litre in India, the steepest reduction in rates in nine months.

Take a look at 10 countries where petrol is cheapest according to a report by 'This is Money' and Evans Halshaw.

Venezuela

Price per litre: Rs 6.49 ($0.12)
Percentage of monthly income spent on petrol: 2.73%

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Egypt

Price per litre:Rs 7.30 ($0.14)
Percentage of monthly income spent on petrol: 4.39%

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Saudi Arabia

Price per litre: Rs 8.12 ($0.15)
Percentage of monthly income spent on petrol: 0.98%

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Qatar

Price per litre: Rs 9.74 ($0.18)
Percentage of monthly income spent on petrol: 0.40%

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Bahrain

Price per litre: Rs 12.50 ($0.23)
Percentage of monthly income spent on petrol: 1.81%

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Libya

Price per litre: Rs 12.50 ($0.23)
Percentage of monthly income spent on petrol: 3.32%

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Turkmenistan

Price per litre: Rs 14.31 ($0.26)
Percentage of monthly income spent on petrol: 17.79%

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Kuwait

Price per litre: Rs 14.31 ($0.26)
Percentage of monthly income spent on petrol: 1.2%

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Algeria

Price per litre: Rs 14.31 ($0.26)
Percentage of monthly income spent on petrol: 11.85%

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Iran

Price per litre: Rs 17.93 ($0.33)
Percentage of monthly income spent on petrol:6.53%