Venezuela Petrol Cost: US President Donald Trump’s latest move has created a stir in global politics. International tension has increased further after Venezuelan President Nicolas Maduro was imprisoned on his orders. Along with this, Trump has also warned other countries of similar action, due to which the South American country Venezuela has once again come to the center of the world. Although this crisis is political, but Venezuela’s biggest strength is the black gold i.e. crude oil hidden under its soil, which has always attracted the attention of global powers.

Petrol cheaper than one rupee!

According to Al Jazeera report, by the year 2023, Venezuela had proven oil reserves of about 303 billion barrels, which is more than any other country in the world. In terms of oil reserves, Venezuela is at first place, while Saudi Arabia is at second place, which has about 267.2 billion barrels of oil. After this comes Iran (208.6 billion barrels) and Canada (163.6 billion barrels). Due to such huge oil wealth, it is not easy to compare Venezuela with any other country.

The surprising thing is that petrol prices are very low in this country which has the world’s largest oil reserves. The price of one liter petrol in Venezuela ranges between 0.01 to 0.035 US dollars. If seen in Indian currency, this price is around one rupee to three rupees per liter. In such a situation, filling the tank of a car with capacity of 30 to 60 liters costs only Rs 50 to 180.

Actually, petrol is sold in two categories in Venezuela. First is subsidized petrol, which is for the general public and is made available at a very cheap price. The second is premium petrol, whose price is fixed as per the international market and no subsidy is given on it by the government. The price of premium petrol is around Rs 42 per liter.

two types of petrol

According to this, if a person fills a 50 liter tank with premium petrol, he has to spend about 20 to 25 US dollars. In Indian rupees this amount falls between Rs 1,700 to Rs 2,100. Thus, while the general public gets very cheap petrol in Venezuela, the premium petrol is close to international prices, which reflects the unique fuel pricing model there.

Venezuela Oil Crisis: The South American country Venezuela is currently going through a deep crisis. The impact of the American attack on this country with the world’s largest oil reserves will not be limited to Washington only, but its impact can be felt globally in the coming days. Talking about India, at present no direct benefit is visible, but in the long run this development can also create opportunities for India.

If Venezuela re-enters the global oil market and investment avenues open there, then Indian refiners and oil companies can get huge benefits. The effect of this expectation was seen in the stock market on Monday, when the shares of Reliance Industries rose by about one percent and reached its 52-week high of Rs 1,611.80. With this, the market cap of the company increased to about Rs 22 lakh crore.

How will the oil game change?

Strength was also seen in other companies of the oil and gas sector. Hindustan Petroleum rose by 1.85 percent to reach Rs 508.45 intra-day. ONGC was seen trading at Rs 168.79 with a rise of 1.16 per cent at Rs 246.80, Indian Oil Corporation at Rs 168.79 with a rise of 1.03 per cent and Oil India at Rs 432.45 with a rise of 0.47 per cent.

Experts’ opinion is divided regarding this entire incident. V.K., chief investment strategist at Geojit Investments. Vijayakumar says that the US attack on Venezuela in the beginning of 2026 has indicated major geopolitical changes. This may make global geopolitics more unstable. Protests may intensify in Iran, there is a possibility of the Russia-Ukraine war getting longer, while China may also take advantage of these circumstances and take aggressive steps against Taiwan. However, he believes that in the long run, India may get relief from oil prices due to Venezuela crisis.

What will be the major impacts?

According to senior journalist Ruman Hashmi, the way US President Donald Trump is putting pressure on India regarding oil imports from Russia and is now trying to strengthen his grip on power in Venezuela by directly intervening there, it is certain to have a far-reaching impact on the global oil business. He said that Trump is also warning Colombia and Brazil and is talking about imposing additional tariffs on India. Just as after the change of power in Iraq, the government there came under the influence of America, a similar scenario can be seen in Venezuela also.

Hashmi also clarified that importing oil from Russia is not a political but economic decision of India. India plays an important role in the global oil market and it is wrong to link it with funding the Ukraine war.

Overall, after the US attack on Venezuela, there are signs of major turmoil in the global oil market. The impact of these incidents can be clearly visible in the coming days on oil prices, geopolitical equations and the strategy of Indian energy companies.

What is the impact on India?

From India’s perspective, the foundation of its relations with Venezuela has largely been based on oil imports. Due to US sanctions, there was a sharp decline in crude oil trade between the two countries in 2021 and 2022, but with the changing circumstances, this trade seemed to be picking up pace again in 2023-24. During this period, India’s petroleum import from Venezuela increased to about 1 billion dollars.

According to a report by The Financial Express, India had also become the largest buyer of Venezuelan crude oil for some time in December 2023. However, in the current situation, China remains the largest importer of Venezuelan crude oil. These figures clearly show that despite global sanctions and geopolitical tensions, energy cooperation between India and Venezuela is beginning to strengthen again, which can play an important role in India’s energy security in the future.

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