Petrol is CHEAPEST in these 10 nations!

Petrol prices are the most volatile across the world. The price of gasoline depends on the price of crude oil, the taxes imposed by different states, the exchange rate and oil company costs.

Demand and supply imbalance also influence petrol and diesel prices. So prices vary in different countries.

In India, petrol prices continue to rise as the country largely depends on imports to meet its requirements.

While many nations continue to see a rise in petrol prices, take a look at the prices in these countries where petrol is cheaper than water!

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1. Venezuela
Petrol price: $0.03

Venezuela which has the cheapest rate for petrol, has the world's largest proven oil reserves. It beat Saudi Arabia's for the first time according to the Organization of Petroleum Exporting Countries.

According to OPEC, Venezuela's proven oil reserves rose by 40 per cent in 2010 to reach 297 billion barrels.

Proved reserves are those quantities of petroleum which can be made available commercially from reserves.

Retail petrol price (US dollars per litre)

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2. Saudi Arabia
Petrol price: $0.13/ltr

Saudi Arabia has the world's second largest oil reserves estimated to be 267 billion barrels.

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3.Libya
Petrol price: $0.14/ltr

Oil reserves in Libya are the largest in Africa and the eighth largest in the world with 46.4 billion barrels.

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4. Turkmenistan

Petrol price: $0.19/ltr

Turkmenistan has the world's fourth largest reserves of natural gas within a singular national boundary.

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5. Bahrain
Petrol price: $0.21/ltr

Bahrain was the first state in the Gulf region to discover crude oil. The oil production in Bahrain has risen to to 40,000 barrels per day (bpd).

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6. Kuwait
Petrol price: $0.22/ltr

Kuwait is one of the world's top producers and exporters of crude oil. Oil reserves in Kuwait make up 8 per cent of the oil reserves in the world.

It is OPEC's third largest oil producer and holds approximately 104 billion barrels of oil.

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7. Qatar
Petrol price: $0.24/ltr

Petroleum is backbone of Qatar's economy and accounts for more than 70 per cent of total government revenue and more than 60 per cent of gross domestic product.

It has proven oil reserves of 15 billion barrels.

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8. Egypt
Petrol price: $0.30/ltr

The petroleum industry plays a key role in the Egyptian economy. With 18.3 billion barrels of oil, Egypt has achieved its highest-ever proven oil reserves during the 2009-2010.

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9. Oman
Petrol price: $0.32/ltr

Oman has proven oil reserves to the tune of 5.5 billion barrels of oil.

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10. Algeria
Petrol price: $0.32/ltr

Algeria has proven oil reserves of 12.2 billion barrels of oil. The country gets more than 97 per cent of its export revenue from the oil sector.