Belfast Telegraph

Sunday 21 September 2014

Venezuela is cheapest place in the world to buy petrol at 8p a litre – compared to 135p a litre in the UK

Venezuela has been named the cheapest place in the world to buy petrol for the second year running.

While, according to the AA, the average UK price of a litre of petrol is 135p, the cost of a litre in the South American country is just 8p.



Although the cost of petrol is Venezuela is the lowest, research by This Is Money.co.uk suggests Middle Eastern nations are the real winners - spending a far lower percentage of their average monthly disposable income on fuel.



High average post tax wages of £3,664.92, combined with an average litre of petrol price of 12p, saw Qatar top the list of average disposable income vs. petrol expenditure.



Qatar residents spend just 0.4 per cent of their disposable income on petrol, followed by Saudi Arabia at 0.98 per cent, Kuwait at 1.2 per cent and Bahrain at 1.81 per cent.



Thanks to a fairly low average monthly post-tax income of £354.48, the average Venezuelan pays 2.73 per cent of their wages on petrol, putting them in fifth place on the list.



TOP TEN CHEAPEST PLACES TO BUY PETROL



1. Venezuela



Price per litre: 8p



Monthly Cost: £9.66



Income after tax: £354.48



Percentage of monthly income spent on petrol: 2.73%



2. Egypt



Price per litre: 9p



Monthly Cost: £10.87



Income after tax: £247.35



Percentage of monthly income spent on petrol: 4.39%



3. Saudi Arabia



Price per litre: 10p



Monthly Cost: £12.08



Income after tax: £1,234.78



Percentage of monthly income spent on petrol: 0.98%



4. Qatar



Price per litre: 12p



Monthly Cost: £14.49



Income after tax: £3,664.92



Percentage of monthly income spent on petrol: 0.40%



5. Bahrain



Price per litre: 15p



Monthly Cost: £18.12



Income after tax: £998.19



Percentage of monthly income spent on petrol: 1.81%



6. Libya



Price per litre: 15p



Monthly Cost: £18.12



Income after tax: £544.94



Percentage of monthly income spent on petrol: 3.32%



7. Turkmenistan



Price per litre: 17p



Monthly Cost: £20.53



Income after tax: £115.42



Percentage of monthly income spent on petrol: 17.79%



8. Kuwait



Price per litre: 17p



Monthly Cost: £20.53



Income after tax: £1,703.98



Percentage of monthly income spent on petrol: 1.2%



9. Algeria



Price per litre: 17p



Monthly Cost: £20.53



Income after tax: £173.26



Percentage of monthly income spent on petrol: 11.85%



10. Iran



Price per litre: 21p



Monthly Cost: £25.36



Income after tax: £388.68



Percentage of monthly income spent on petrol: 6.53%

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