Gasoline: 12 Cents a Gallon in Venezuela

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Source: El Universal newspaper and Ministerio de Energía y Petróleo [MENPET]

The Europeans are used to it. The Germans are paying US$6.37 a gallon (€1.31/L), and the Belgians $6.76 a gallon (€1.39/L). The Norwegians shell out $7.45 a gallon (€1.53/L), an incredibly high price considering their country produces and exports petroleum. But Venezuelans pay only US$0.12 per gallon thanks to a huge government subsidy.

In Caracas, filling up the 19-gallon tank of a 1976 Chevy Nova will set you back $2.30. Yet a litre of milk costs 1,500 Bolivars, or US$2.65 per gallon. Bottled water is just as expensive, at 1,200 Bolivars, or $2.12 per gallon.

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