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.

Amid increasing tension with America, several explosions were heard in Caracas, the capital of Venezuela. According to the information, the US Army carried out an air strike in Caracas, after which several explosions were heard throughout the city. After the air strike by the US Army, Venezuelan President Nicolas Maduro and his wife have been captured by America and both are currently in America’s custody.

After the attacks by America, Venezuela also came into discussion because Venezuela has the largest oil reserves in the world, yet it is among the poorest countries. In such a situation, let us now tell you why Venezuela is so poor despite having the world’s largest oil reserves.

The world’s largest oil reserves, yet the situation is bad65558/

According to Al Jazeera report, Venezuela has the world’s largest proven oil reserves. By 2023, Venezuela had about 303 billion barrels of oil. Despite this, Venezuela earns very little from the export of crude oil and is counted among the poor countries of the world. After Venezuela, Saudi Arabia is at second place with 267.2 barrels, followed by Iran with 208.6 barrels and Canada at third place with 163.6 barrels. These four countries together own more than half of the global oil reserves. If compared with America, America has about 55 billion barrels of oil reserves, whereas Venezuela’s reserves are five times more. Despite this, Venezuela is far behind America in oil income. A major reason for this is considered to be international restrictions and limited production.

Why is Venezuelan oil sold at low prices?

Most of Venezuela’s oil reserves are in the Orinoco Belt, where heavy and high density crude oil is found. This type of oil is expensive to extract and process. It also contains high amount of sulfur, due to which this oil is sold at a low price in the international market. The country’s state oil company PDVSA has the entire responsibility of oil production, but due to old infrastructure, lack of investment, mismanagement and international sanctions, Venezuela is not able to take full advantage of its huge oil reserves.

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