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Petrol prices are the most volatile across the world. The price of petrol depends on the price of crude oil, taxes, exchange rate and oil company costs.
Petrol price has been slashed by Rs 2 per litre in India, the steepest reduction in rates in nine months.
Take a look at 10 countries where petrol is cheapest according to a report by 'This is Money' and Evans Halshaw.
Venezuela
Price per litre: Rs 6.49 ($0.12)
Percentage of monthly income spent on petrol: 2.73%
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Egypt
Price per litre:Rs 7.30 ($0.14)
Percentage of monthly income spent on petrol: 4.39%
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Saudi Arabia
Price per litre: Rs 8.12 ($0.15)
Percentage of monthly income spent on petrol: 0.98%
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Qatar
Price per litre: Rs 9.74 ($0.18)
Percentage of monthly income spent on petrol: 0.40%
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Bahrain
Price per litre: Rs 12.50 ($0.23)
Percentage of monthly income spent on petrol: 1.81%
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Libya
Price per litre: Rs 12.50 ($0.23)
Percentage of monthly income spent on petrol: 3.32%
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Turkmenistan
Price per litre: Rs 14.31 ($0.26)
Percentage of monthly income spent on petrol: 17.79%
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Kuwait
Price per litre: Rs 14.31 ($0.26)
Percentage of monthly income spent on petrol: 1.2%
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Algeria
Price per litre: Rs 14.31 ($0.26)
Percentage of monthly income spent on petrol: 11.85%
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Iran
Price per litre: Rs 17.93 ($0.33)
Percentage of monthly income spent on petrol:6.53%