If we talk about petrol prices in countries around the world, the cheapest petrol is in Venezuela. According to https://www.globalpetrolprices.com/, one liter petrol will be available for just 34 paise. At the same time, petrol is being sold at Rs 2.37 per liter in Iran and Rs 2.56 per liter in Libya. The price of one liter petrol in Algeria is Rs 27.77 and in Kuwait it is Rs 28.20. Petrol is being sold at Rs 30.84 per liter in Egypt and Rs 30 per liter in Angola. The most expensive petrol in Hong Kong is Rs 256.18 per litre.
If we talk about our neighboring countries, the price of petrol in Bhutan is Rs 74.70 per liter and in Pakistan it is Rs 84.47. Rs 94.41 in Bangladesh and Rs 98.17 in Myanmar. The price of one liter petrol in Sri Lanka has become Rs 106.91. Whereas, in Nepal Rs 113.69.
According to www.globalpetrolprices.com, the average price of gasoline i.e. petrol across the world is US $ 1.36 per liter. However, there is substantial variation in these prices between countries. Prices are higher in rich countries, while prices are much lower in poorer countries and countries that produce and export oil. An exception is the US which is an economically advanced country, but prices are low. The difference in prices in different countries is due to different taxes and subsidies for gasoline. All countries have access to the same petroleum prices in international markets, but then decide to tax differently. As a result, the retail price varies.
This post originally appeared on jantaserishta.com