In Malaysia, every Wednesday night is often a concern because of the announcement of petrol price updates.
Recently a shocking news by GlobalPetrolPrices.com shows Malaysia is in the top 10 for the country with the cheapest petrol price in the world.
According to the report on the Sesawang website, the average worldwide price of petrol was at US$1.36 per liter or RM5.99 per liter, as of May 16.
Based on the estimates above, the price of Malaysian petrol is at $0.466 per liter and outperforms the world's 10th ranking.
Neighboring Singapore shows its petrol price at $2,219 a liter, the Philippines at $1,497 per liter, Indonesia at $1,136 a liter and Venezuela ranks first at $0.22 per liter.
In addition, Hong Kong saw its petrol price hover at $2,897 a liter, further putting them in the final ranking of the countries with the cheapest oil prices in the world.
It is important to understand that richer countries have higher prices while poorer countries and oil producing and exporting countries have lower prices.
Even so, the United States (US) is excluded and has cheap petrol prices because it is an economically developed country.
In addition, the difference in the price of petrol is also subject to the excise duty and subsidies introduced, although all countries have access to the same price of petroleum on the international market.
