Financial Daily from THE HINDU group of publications
Saturday, Jun 10, 2006
Financial Daily from THE HINDU group of publications Saturday, Jun 10, 2006 |
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Petroleum Industry & Economy - Petroleum What the world pays for petrol D. Murali
Chennai , June 9 Those in Chennai pay about Rs 52 per litre of petrol. This translates to roughly $1.13, converting dollar at Rs 46. You may be curious to know what the world pays for petrol. Believe it or not, Venezuela pays $0.12 per gallon. To put it in perspective, let us work on the units of measure. One gallon = 3.7854118 litres, Google informs; so $0.12 per gallon means $0.032 per litre. Or, less than Rs 1.50 per litre. In gallon terms, Chennai pays Rs 196.84 or $4.28. Price per gallon is $0.38 in Nigeria; $0.65 in Egypt; $0.78 in Kuwait; and $0.91 in Saudi Arabia, going by data available on http://money.cnn.com, updated March 2005. In Puerto Rico, it is $1.74, while the following countries lie in the $2-$3 band: Russia, Panama, Nicaragua, South Africa, Lebanon and Taiwan. Cuba, Brazil, Bulgaria and Estonia pay more than $3 but less than $4. At $4.24, Japan is almost on par with what we pay. Between $4.50 and $5 are countries such as Spain, Switzerland, Ireland, Croatia, Luxembourg and Hungary. Further up, on the fuel price ladder, in the $5-$6 range, are Portugal, France, Germany, the UK, Sweden, Belgium, Denmark and Italy. At the very top are the Netherlands ($6.48) and Norway ($6.27).
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