All of us in India have felt the pinch of rising prices of petrol. Global oil prices are around $130 a barrel. The Indian government subsidizes the cost of petrol and it is costlier than what it costs in the US. But the price of petrol is neither the costliest nor the cheapest the world over in India. The costliest price of petrol is in Turkey with about $2.68 per liter. The world's cheapest oil is in Venezuela where it is $0.05 per liter and where the government subsidizes the price. But in Saudi Arabia, it is pretty cheap as well, where it costs $0.12 per liter.
If you want to read the complete story, please go to the Rediff.com website and read this interesting story.