Ten Countries with Cheapest Petrol Prices

With the advent of technology, life has become so much easier for all of us. Not long ago people used to wait for days to receive message from near and dear ones. But now, the time taken to travel from one place to another is less than time required to send a letter via post. However, with the ease of transport came the blow of rising fuel cost. The cost of fuel is the most unstable thing across the world and it depends on crude oil price, oil company cost, taxes and, exchange rate, reports Rediff.com.

Because of the presence of considerable oil reserves in home-grounds, few countries are fortunate enough to get this motor spirit at affordable prices. Read on to know the countries where petrol is cheapest in the world.

1. Venezuela


Price per litre: 6.49 ($0.12)

It is a place where the price of most of the objects goes up other than petrol. The price of petrol has always been cheap and now it has become almost free. In Venezuela, following the official exchange rate, the premium gasoline comes at around 5.8 U.S. cents. The price of petrol has been kept constant for almost 14 years under the rule of late President, Hugo Chavez, even though the tropical capital has hit big time inflation.
Monthly income expenditure on petrol:  2.73 percent.

2. Egypt


Price per litre: 7.30 ($0.14)

The Egyptian government is planning to cut down the fuel subsidies as a measure to control its budget deficit. The size of fuel subsidies is expected to reach 120 billion Egyptian dollars in the current fiscal. The subsidies have hit the economy hard and lead to blackouts and fuel shortages in Cairo. The next few months are expected to witness reforms like fuel-rationing card in an attempt to curb smuggling of fuel.

Monthly income expenditure on petrol: 4.39 percent

3. Saudi Arabia

Price per litre: 8.12 ($0.15)

Saudi Arabia holds one-fifth of world’s total oil reserves and the crude from this country still influences fuel prices across the global. It is the second home to cheapest petrol in the Middle East after Egypt. The country, however, is working on methods to use wind, solar and nuclear power to produce energy and bring down the use of crude and natural gas to generate electricity.

Monthly income expenditure on petrol: 0.98 percent.

4. Qatar

Price per litre: 9.74 ($0.18)

Prior to discovery of oil, the economy of Qatar ran on fishing and pearl hunting. In 1940, after the discovery of oil reserves, the economy of the country improved significantly. Because of the absence of income tax, Qatar is rated as one of the countries with lowest tax rates in the world. The economy is highly dependent on petroleum and natural gas and as of 2012, it has the highest GDP per capita in the world.

Monthly income expenditure on petrol: 0.40 percent

5. Bahrain

Price per litre: 12.50 ($0.23)

Bahrain is situated near the western shores of the Persian Gulf. The country has been recognized as the fastest growing economy in the Arab world and is highly dependent on demand for oil. 60 percent of the country’s export, comes from petroleum production and processing. It also accounts for 70 percent of government revenues and 11 percent of its GDP.

Monthly income expenditure on petrol: 1.81 percent.

6. Libya

Price per litre: 12.50 ($0.23)

Libya has the largest oil reserves in entire Africa and its economy primarily benefits from oil sector which accounts for 97 percent of export and 80 percent of GDP. It is also a major contributor of light to the global supply. Because of its small population and handsome revenues from energy sector, Libya is one of the countries with highest per capita GDPs in Africa.

Monthly income expenditure on petrol: 3.32 percent.

7. Turkmenistan

Price per litre: Rs 14.31 ($0.26)

Turkmenistan has the fourth largest oil reserves in the world. It has an oil reserve of about 700 million tons. The extraction of oil started in 1909 in Cheleken and it took a leap with the discovery of oil fields in Kumdag and Koturdepe. Most of its oil is refined in Turkmenbashy and Seidi refinaries. It exports oil to Europe through Caspian Sea via canals.

Monthly income expenditure on petrol: 17.79 percent.

8. Kuwait


Price per litre: 14.31 ($0.26)

With a GDP of $167.9 billion and per capita income of $81,800, Kuwait stands as the 5th richest country in the world. The major export products are petroleum and petrochemical products and the country earns about $94.47 billion on exports. The government of Kuwait is trying to make the country a regional trading and tourism hub and less dependent on oil for its growing economy.

Monthly income expenditure on petrol:1.2 percent.

9. Algeria

Price per litre: 14.31 ($0.26)

Algeria is the 10th country in the world with the largest natural gas reserve of 160 trillion cubic feet of natural gas resources. It ranks 14th in petroleum reserves and about 60 percent of its budget revenues comes from petroleum. The hydrocarbon is also responsible for about 30 percent of its GDP and 95 percent of export earnings.

Monthly income expenditure on petrol: 11.85 percent

10. Iran

Price per litre: 17.93 ($0.33)

The economy of the country is dependent on state ownership of oil, village agriculture, small scale private trading and, service venture. The GDP was about $482.4 billion in 2011, while in 2006 about 45 percent of the government’s budget came from oil and natural gas reserves. The European Union restriction on Iranian crude has led to a steep fall in the value of rial.

Monthly income expenditure on petrol: 6.53 percent.

Two-day strike wll cost the nation Rs15,000-20,000 crore: Assocham

Industry body Assocham on Tuesday urged central trade unions to withdraw the February 20-21 two-day-strike as the economy would lose Rs15,000-20,000 crore due to the disruption.

The Associated Chambers of Commerce and Industry of India (Assocham) said it estimated the national loss figures based on the daily erosion of about 30-40% to the country’s gross domestic production (GDP) for two days.

“The strike would take its toll on at least 30-40%, or Rs15,000 crore to Rs.20,000 crore,” Assocham said in a statement here.

“The national economy, battling a slowdown, can ill-afford this situation” Assocham president Rajkumar Dhoot said. “In fact, the strike would aggravate the price situation because of disruption in the supply of essential commodities.”

“Given the nature of the strike and involvement of the all five major central trade unions, it is going to affect the services sector, including banking, financial services, tourism, transportation, etc, which are the major contributors to the country’s GDP,” Dhoot added.

The central trade unions have given a two-day nationwide shutdown call February 20-21 against price rise, inflation and poor employment.

“The government has adopted an economic policy which creates inflation and recession. This is frustrating,” Ramakrushna Panda, national Secretary of All India Trade Union Congress, told IANS.

Slowdown Over, Growth Recovery in 6 Months: Montek

The economy will turn the corner in the next six months as the deceleration of the past several quarters has been arrested, Planning Commission Deputy Chairman Montek Singh Ahluwalia said.

“It is our hope that in the second half of the year, which has begun just now, many of the measures taken by the government in the recent past to revive investor confidence will lead to a turnaround setting in in the second half,” Ahluwalia said while addressing a banking summit organised here by Yes Bank and Financial Times.

Confident of better GDP numbers in the second half, Montek said, “In the first six months of the current year, GDP growth is around 5.5percent… And I think the second half will be better. Somewhere around 65 is a reasonable basis to start working from. It could be a little better, it could be a little worse.”

Basing his optimism to the pick up in the August IIP numbers as also in the recent PMI surveys, Ahluwalia said there are signals of an up-tick.

“We have two signals already, the industrial production index appears to have gone up a little in August and PMI is doing a little bit better.

“I am using that as a touchstone… The government is back in action. Therefore I am willing to interpret the slight up-tick in the industrial production index as an example of deceleration having been arrested. I am not actually saying that resurgence has begun, but what we have done [policy actions] the impact will be delayed,” Ahluwalia said.

After languishing for many months, the factory output numbers for August showed growth at 2.7 percent, but the April-August IIP remains almost flat at 0.4 percent against 5.6 percent in the year ago period.

The IIP readings were low due to the poor show by the manufacturing sector and contraction in capital goods output.

Partly blaming the coalition pressures on the policy delays, Ahluwalia said, “We took time taking the reform measures because of the pressures of coalition, there was a consultative process to be carried.”

He also said the slowdown is not primarily due to global slowdown. “Our analysis is that the slowdown is not because of international factors, our perception is that there are many domestic concerns such as procedural and implementation issues, especially in case of large infra projects.”

Stating that the growth deceleration being witnessed for the past several quarters has certainly ended, he said, however, that it is still too early to say whether it’s actually a turn-around, although the government has taken a number of steps to boost investor confidence.

“It is reasonable to say that the slowdown has certainly ended but we are yet to see how strong this recovery is going to be,” Ahluwalia told the summit.

On the latest inflation numbers, which inched up to 7.81% in September, up from 7.55 percent in the previous month on higher diesel prices, he said it’s better than last year but still not at our comfort level of 5-6 percent.

“You can’t say that the economy is overheated. Inflation is above the comfort level. There is no question about it… but it is a lot better than last year. I think the government has taken a number of steps which give us more fiscal room than we had before… We have seen a lot of positive action. We will be able to take inflation to more moderate levels,” Ahluwalia said.

Source: PTI

Woman Slammed With $15 Quadrillion Phone Bill

If there was ever an incentive to double-check your phone bills, this would be it: A woman in France was just slammed with a quadrillion dollar phone bill. Yes, really.

A woman named Solenne San Jose — who cancelled her account with French phone company Bouygues Telecom — has reportedly received a bill in the mail for $15 quadrillion or €11,721,000,000,000,000.

Although she knew there would be a cancellation fee for terminating the account ahead of the contract agreement, it was hardly the fine she was expecting.

“There were so many zeros I couldn’t even work out how much it was,” San Jose told French news site Sud Ouest.

The real kicker is that San Jose said she had difficult time convincing the company that it was actually an error. After identifying the issue as a printing problem, she was billed for only €117.21, or $151.

Do you always check your phone bills or trust the company is billing you correctly? Let us know in the comments.

India Will be World’s Third Largest Economy by 2030

India will world’s third largest economy by 2030 but its energy demand will slow down to 4.5 per cent, global energy giant BP plc said.

“By 2030 China and India will be the world’s largest and third largest economies and energy consumers, jointly accounting for about 35 per cent of global population, GDP and energy demand,” BP’s chief economist Christof Ruhl said releasing BP’s Energy Outlook 2030.

There would be “no surge in energy demand as India industrialises. Demand growth slows to 4.5 per cent per annum (vs. 5.5 per cent p.a. in 1999-2010) as improvements in energy efficiency partly offset the energy needs of industrialisation and infrastructure expansion.”

India’s dependence on imports to meet its gas needs will jump to 47 per cent by 2030 while the same for oil will grow to 91 per cent. The nation will be 40 per cent dependent on imports to meet its coal needs.

He said India remains on a lower path of energy intensity; by 2030 it consumes only about half the energy that China consumes today, at a similar income per capita level as in China today.

Over the next 20 years China and India combined account for all the net increase in global coal demand, 94 per cent of net oil demand growth, 30 per cent of gas, and 48 per cent of the net growth in non-fossil fuels.

Coal remains the main commercial fuel, but its share falls from 70 per cent to 55 per cent in China as a result of maturing industrial structure, and from 53 per cent to 50 per cent in India due to domestic resource constraints.

Oil’s share is flat at 18 per cent in China and falls to 26 per cent in India, constrained by prices and growing import dependency. Gas gains market share along with nuclear and renewables in both countries, BP said.

In India, the share of industry continues to grow, as infrastructure development catches up and manufacturing expands to absorb a growing labour force, but it never reaches the Chinese level. “India therefore remains significantly less energy intensive, with a relatively high share of the service sector in GDP.”
Source: PTI

Richest Countries in the World in 2012

If wealth describes power, then the United Sates leads the pack and India is not far behind either.

The 10 richest countries in the world based on their GDP are:

1. United States of America:

The United States of America is the richest country in the world and ranks first on the list. The U.S. is a market-oriented economy where private individuals and business companies make most of the decisions. The U.S. economy is the world’s largest national economy, with an estimated GDP of $15.1 trillion in 2011.

2. China:

China is the second richest country in the world. China’s annual GDP growth is 2.26 percent earning $7,743.144 trillion. The country’s economy is the second largest in the world after that of the United States. During the past thirty years China’s economy has changed from a centrally planned system that was largely closed to international trade to a more market-oriented one that has a rapidly growing private sector.  A chief component supporting China’s rapid economic growth has been exports growth.

3. Japan:

Japan is the second Asian country which is on the list. It is the third wealthiest country in the world. Japan is renowned for its aggressiveness in the global economy market having an upper hand in multi-national operation. The country has a USD $6,124.899 trillion. The Japanese economy is the third largest in the world. Japan is the world’s second largest automobile manufacturing country and has the largest electronics goods industry. The country is the world’s largest creditor nation as well. Its economy is highly efficient and competitive in areas linked to international trade, though productivity is far lower in protected areas such as agriculture, distribution, and services.

4. Germany:

 Germany takes the fourth place on the list. It is also the richest country in Europe and has produced a sum of USD $3,706.970 trillion. Ever since the age of industrialization, the country has been a driver, innovator, and beneficiary of an ever more globalised economy. Germany is the largest national economy in Europe. The country is the world’s second largest exporter and its exports account for more than one-third of national output.

5. France:

France is the fifth richest country in the world. The country has long been part of the world’s wealthiest and most developed national economies. France is believed to be the second biggest economic strength in Europe due to France’s focus on various industrial support and new age industrialized nations. Achieving USD $2,889.708 trillion booked at the end of year 2011 and 2012 makes France feature on the top five richest nations.

6. Brazil:

Brazil ranks sixth on the list. It is the richest South American county. The country had a closed nominal GDP of 0.80 percent earning USD $2,617.987 trillion before the end of 2011. The Brazilian economy is the world’s sixth largest by nominal GDP and is expected to become fifth by the end of 2012. Brazil’s earning come directly from their service segment, mining, manufacturing products and farming harvest. The country has moderately free markets and an inward-oriented economy. It is also known to be the fastest-growing major economies in the world with an average annual GDP growth rate of over 5 percent.

7. United Kingdom:

United Kingdom takes the seventh place on the list. UK had an average nominal GDP escalation of 0.58 percent earning USD $2,603.880 trillion at the end of 2011. UK’s GDP per capita is the twenty second highest in the world in nominal terms and the twenty second highest measured by PPP. It is the world’s most globalised countries. Its aerospace industry is one of the largest national aerospace industries and the pharmaceutical industry of the country plays an important role in its economy as well. The British economy is boosted by North Sea oil and gas reserves which was valued at an estimated £250 billion in 2007.

8. Italy:

Italy takes the eighth spot on the top 10 list of richest countries in 2012. Italy is a member of the G8 group of leading industrialized countries. The country has broadened its horizons for its industrial and road and rail network developments. Due to this advancement, the country has a nominal GDP of USD $2,287.704 trillion. The country has a diversified industrial economy with high gross domestic product per capita and developed infrastructure. The Italian economy is driven in large part by the manufacture of high-quality consumer goods that are produced by small and medium-sized enterprises.

9. Russia:

Russia takes the ninth position on the list. In 2011 Russia’s GDP grew by 4.2 percent, which is the world’s third highest growth rate among leading economies. The country has the ninth largest economy in the world by nominal value and the sixth largest by purchasing power parity. Russia is also abundant in natural gas, coal, oil and precious metals. Russia’s capital, Moscow, is noted to have the highest billionaire population of any city in the world.

10. India:

Surprisingly India makes it to the top 10 list of richest countries in the world. India takes the tenth place. India has the eleventh largest Economy in the world by nominal GDP and the third largest by purchasing power parity. The country’s present up-to-date development according to GDP is USD $2.012.760.000 million and this was predicted by the economists in the beginning of 2011. As a matter of fact, by means of the assessment, there was an 8.2 percent progress before the year 2011 came to an end.