MercoPress. South Atlantic News Agency

Where’s the cheapest to ‘fill her up’? Venezuela: 12.8 US cents a liter of petrol

In Britain on the other hand the liter price in August is 135.52 pennies (approx 2.16 US dollar)

Venezuela, the latest entry as full member of Mercosur has the cheapest petrol price in the world, 8 pennies per liter, (1 £ trading at 1.59 dollars on 22 August) according to the latest report from UK website, “This is money”, based on a research from Evans Halshaw.

The report also compares petrol prices to wages in each country mentioned – and reveal that one country spends just 0.4% of disposable income on petrol; while another sees motorists spend almost 20% of their income on filling up their car, despite the cheap fuel costs.   

The list of the top ten in descending in pound sterling order follows: 

10. Iran; Price per liter: 21p Monthly cost: £25.36; Income (after tax): £388.68 Percentage of monthly income spent on petrol: 6.53% 

9. Algeria; Price per liter: 17p Monthly cost: £20.53; Income (after tax): £173.26 Percentage of monthly income spent on petrol: 11.85%

8. Kuwait; Price per liter: 17p Monthly cost: £20.53; Income (after tax): £1,703.98 Percentage of monthly income spent on petrol: 1.2%

7. Turkmenistan; Price per liter: 17p Monthly cost: £20.53; Income (after tax): £115.42 Percentage of monthly income spent on petrol: 17.79%

6. Libya; Price per liter: 15p Monthly cost: £18.12; Income (after tax): £544.94 Percentage of monthly income spent on petrol: 3.32%

5. Bahrain; Price per liter: 15p Monthly cost: £18.12; Income (after tax): £998.19 Percentage of monthly income spent on petrol: 1.81%

4. Qatar; Price per liter: 12p Monthly cost: £14.49; Income (after tax): £3,664.92 Percentage of monthly income spent on petrol: 0.40%

3. Saudi Arabia; Price per liter: 10p Monthly cost: £12.08; Income (after tax): £1,234.78 Percentage of monthly income spent on petrol: 0.98%

2. Egypt; Price per liter: 9p Monthly cost: £10.87; Income (after tax): £247.35 Percentage of monthly income spent on petrol: 4.39%

1. Venezuela; Price per liter: 8p Monthly cost: £9.66; Income (after tax): £354.48 Percentage of monthly income spent on petrol: 2.73%.

In contrast, again according to “This is money” the average liter of unleaded in Britain in August 2002 was 74.8p but this has rocketed to 135.52p this month. At the same time, Brent Crude oil prices have risen from an average of 28 dollars to more than 113 dollars currently.

Back in April, “This is money” revealed Britain was the seventh most expensive country in the world for petrol. It was beaten into first place comprehensively by Norway, where the average liter of petrol was 164p, while Turkey, Netherlands, Italy, Greece and Denmark also had higher prices than Britain.

And it’s not just petrol costs that remain high. Those with diesel motors are also seeing rises at the pump. “This is Money” research last month showed how Britain has the second most expensive diesel in the world. 

(The research for This is Money was done by Evans Halshaw,  www.evanshalshaw.com/)