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\\\'A litre of fuel eats up 5.3pc income of a BD citizen\\\'

FE Desk | Thursday, 2 July 2015



Global consumer demand for petrol has steadily grown thanks to low oil prices combined with economic growth, according to the International Energy Agency.
In 2014, global oil demand was 92.6 million barrels per day, and demand for 2015 is expected to increase by 1.4 million barrels each day, to a total of 94 million.
"This phenomenon truly spans the globe; gas prices have decreased from the pumps in Pakistan to stations in Senegal. But while most countries have seen savings, the price of gas differs wildly across the globe," according to an analysis, prepared by Carmudi, a leading online car platform.
Carmudi examined the fuel price and general affordability of petrol in 18 emerging markets to prepare this study.
People in Bangladesh, where the average daily income, if counted in dollars, is $22.74, spend a mere 5.3 per cent of their income for a litre of fuel.
In Indonesia, where fuel subsidies have been cut by the government since early 2015, most people are forced to spend over 30 per cent of their daily earnings to buy a single litre of petrol. In Sri Lanka a single litre of fuel costs $0.96, taking up to nearly 45 per cent of the national average daily income.
Fuel prices in Mexico, the world's seventh largest oil producer, are similar to prices in several Asian countries such as Vietnam, where a litre is priced at $0.92 and $0.97, respectively. Despite the similar prices, the average daily income in Mexico is almost three times more than Vietnam. It takes 7.8 per cent of a day's wage in Mexico to buy a litre; whereas, in Vietnam it costs more than 25 per cent of the average daily income.