From Oil Superpower to Subsidy Trap: Why Venezuela Sells Petrol at ₹1 a Litre

Petrol Price: In India, the price of a liter of petrol has long crossed the century mark. People are scared to even go to a petrol station. But did you know that in one country, a liter of petrol is available for just one rupee? 

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Petrol for just one rupee per liter

In India, when petrol prices cross a hundred rupees, people think twice before taking out their vehicles. In contrast, in one country, a liter of petrol costs just one rupee. It might sound surprising, but it's true. These incredibly low prices are possible in Venezuela, which has immense oil wealth.

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Top in the world for oil wealth

Venezuela is recognized as the country with the world's largest mineral oil reserves. It's estimated to have 303 billion barrels of oil, surpassing even Saudi Arabia. These vast energy resources have made Venezuela a key player in international politics.

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Political turmoil due to US military action

Recent events in Venezuela have shaken world politics. The US military action became a sensation. Venezuelan President Nicolás Maduro was detained in Caracas and taken to New York. He is being tried in the US on charges of drug trafficking and narco-terrorism.

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Is controlling oil the real goal?

Political analysts believe the real reason behind this military action is Venezuela's oil resources. The US has been imposing sanctions on the Maduro government. International experts estimate the main goal is to influence energy resources through direct intervention.

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Why are petrol prices low in Venezuela?

The Venezuelan government provides huge subsidies to its people. The price of subsidized petrol is between ₹ 1 and ₹3 per liter. So, a car tank can be filled for just ₹100. There are two types of prices: a subsidized rate for the public and premium petrol. The premium price is also very low, around ₹42, compared to Indian prices.