10 Countries With Cheapest Petrol Prices

The cheapest countries in the world for petrol are revealed by a research conducted by Evans Halshaw. Have a look!

10.  Iran

Price per litre: 18.41

Cost (Spending) per month: Rs 2223.40

Oil reserves in Iran, according to its government, rank third largest in the world at approximately 150 billion barrels as of 2007, although it ranks second if Canadian reserves of unconventional oil are excluded. This is roughly 10 percent of the world's total proven petroleum reserves. Iran is the OPEC's second-largest producer after Saudi Arabia and world's fourth largest oil producer. As of 2009 it was producing an estimated 4.172 million barrels per day of crude oil. At 2006 rates of production, Iran's oil reserves would last 98 years if no new oil was found.

9. Algeria

Price per litre: 14.90

Cost per month: 1799.94

The country ranks 14^th in petroleum reserves, with 11.8 billion barrels of proven oil reserves with estimates that the actual amount is even more. According to the U.S. Energy Information Administration, Algeria had 160 trillion cubic feet of proven natural-gas reserves, the tenth largest in the world. Average annual non-hydrocarbon GDP growth averaged 6 percent between 2003 and 2007, with total GDP growing at an average of 4.5 percent during the same period due to less-buoyant oil production during 2006 and 2007. External debt has been virtually eliminated, and the government has accumulated large savings in the oil-stabilization fund (FRR). Inflation, the lowest in the region, has remained stable at four percent on average between 2003 and 2007.

8. Kuwait

Price per litre: 14.90

Cost per month: 1799.94

Oil reserves in Kuwait make up 8 percent of the oil reserves in the world. Kuwait is OPEC's third largest oil producer and claims to hold approximately 104 billion barrels. This includes half of the 5 billion barrels in the Saudi-Kuwaiti neutral zone which Kuwait shares with Saudi Arabia. Most of Kuwait's oil reserves are located in the 70 billion barrels Burgan field, the second largest conventional oil field in the world, which has been producing oil since 1938. Since most of Kuwait's major oil fields are over 60 years old, maintaining production rates is becoming a problem.

7. Turkmenistan

Price per litre: Rs 14.90

Cost per month: Rs 1799.94

Turkmenistan owns oil reserves of roughly 600 million barrels. It is possible, however, that oil reserves are over 2 billion barrels plus 6 billion barrels of undiscovered reserves. Natural gas, crude oil and oil products make up about 80 percent of the country's exports. The country is divided into seven oil and gas regions according to the geological development of the sedimentary complex, the conditions for the accumulation of oil and gas and perspectives for oil and gas reserves: West Turkmen, Central Kara Kum, Beurdeshik-Khiva, Chardzhou, Zaunguz, Murgab, Badkhyz-Karabil.

6. Libya

Price per litre: 13.15

Monthly cost: 1586.89

Oil reserves in Libya are the largest in Africa and the fifth largest in the worldwith 76.4 billion barrels as of 2010. Oil production was 3.1 million barrels per day as of 2010, giving Libya 77 years of reserves at current production rates if no new reserves were to be found. Libya is considered a highly attractive oil area due to its low cost of oil production (as low as $1 per barrel at some fields), and proximity to European markets.
Maintaining production at mature fields, while finding and developing new oil fields is a challenge for Libya.

5. Bahrain

Price per litre: 13.15

Monthly cost: 1586.89

Oil was discovered in Bahrain in 1932 (the first in the Arabian side of the Gulf). In recent decades, Bahrain has sought to diversify its economy and be less dependent on oil by investing in the banking sector and tourism. The majority of Libyan oil is exported to European markets. 11 percent or 403 million barrels of oil imports to the European Union in 2010 came from Libya, making it the third biggest importer behind Norway and Russia.

4. Qatar

Price per litre: 10.52

Cost per month: 1270.39

Petroleum is the cornerstone of Qatar's economy and accounts for more than 70 percent of total government revenue, more than 60 percent of gross domestic product, and roughly 85 percent of export earnings. Proved oil reserves of 15 billion barrels should ensure continued output at current levels for 23 years. Oil has given Qatar a per capita GDP that ranks among the highest in the world.

3. Saudi Arabia

Price per litre: 8.76

Cost per month: 1058.87

Proven oil reserves in Saudi Arabia are the second largest claimed in the world, estimated to be 267 billion barrels (Gbbl hereafter) including 2.5 Gbbl in the Saudi-Kuwaiti neutral zone. These reserves were the largest in the world until Venezuela announced they had increased their proven reserves to 297 Gbbl in January 2011. The Saudi owns about one-fifth of the world's total conventional oil reserves, a large fraction of these reserves comes from a small number of very large oil fields, and past production amounts to 40 percent of the stated reserves.

2. Egypt

Price per litre: 7.89

Cost per month: 953.44

More than 180 petroleum exploration agreements have been signed by Egypt over the last 15 years and multinational oil companies spent more than $27 billion in exploration companions. These activities led to the findings of about 18 crude oil fields and 16 natural gas fields in FY 2001. The total number of findings rose to 49 in FY 2005. As a result of these findings, crude oil reserves as of 2009 are estimated at 3.7 billion barrels, and proven natural gas reserves are 1.656 trillion cubic meters with likely additional discoveries with more exploration campaigns. In August 2007, it was announced that signs of oil reserves in Kom Ombo basin, about 28 miles north of Aswan, was found and a concession agreement was signed with Centorion Energy International for drilling.

1. Venezuela

Price per litre: 7.01

Monthly cost: 846.93

The proven oil reserves in Venezuela are claimed to be the largest in the world,according to an announcement in early 2011 by President Hugo Chavez and the Venezuelan government. The reported proven reserves reach 297 billion barrels, surpassing that of the previous long-term world leader, Saudi Arabia.  OPEC said that Saudi Arabia's reserves stood at 265 billion barrels in 2009.