10 Countries With Cheapest Petrol Prices

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.