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.

THE 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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