10 Countries With Cheapest Petrol Prices

Bangalore: 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.