Petrol for 2 Rupees a Liter: The Country With Cheapest Fuel Isn't Saudi or Iran
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News18•22-01-2026, 18:52
Petrol for 2 Rupees a Liter: The Country With Cheapest Fuel Isn't Saudi or Iran
- •Venezuela sells petrol for just 2 rupees per liter, significantly cheaper than India's over 100 rupees.
- •The South American nation holds the world's largest oil reserves, estimated at 3030 million barrels worth $17.3 trillion.
- •Despite vast reserves, Venezuela faces an economic crisis due to US sanctions and internal political instability.
- •Oil production has plummeted from 3.5 million barrels daily in the 1990s to under 1 million barrels today.
- •The US aims to increase Venezuela's oil production to 1.5 million barrels per day if the Maduro government is replaced.
Why It Matters: Venezuela, despite having the world's largest oil reserves, sells petrol for 2 rupees but faces severe economic crisis.
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