Amidst widespread inflation, some countries continue to benefit from relatively low fuel prices, with global averages and national policies playing a significant role in these variances.
According to data from globalpetrolprices.com, the average price of fuel worldwide stands at $1.33 per liter.
However, this figure masks the substantial differences in fuel costs from one country to another, largely due to varying tax regimes and subsidy policies.
The discrepancy in fuel prices across nations can be attributed to the specific economic strategies employed, including the level of taxes imposed on gasoline and the subsidies provided.
Consequently, retail prices of fuel vary significantly, reflecting individual countries’ economic and policy landscapes.
A notable trend highlighted in the report is the correlation between a country’s economic status, fuel pricing, and role in the global oil market.
Wealthier nations tend to have higher fuel prices, reflecting steeper taxation on energy products.
In contrast, less affluent countries, particularly those with substantial oil production and exportation capacities, often enjoy lower fuel prices, thanks to government subsidies and lesser tax burdens.
According to the report, below are the countries with significant cheapest fuel prices:
1. Iran
Iran tops the list of countries with the lowest price, with fuel sold at $0.029 ( N 26. 52) per litre.
Iran is one of the largest oil producers globally and often subsidizes fuel for its citizens, keeping prices low domestically.
2. Libya
Following Iran’s lead, Libya is the second cheapest gas station with the lowest fuel price of $0.031 (N43.145) per liter.
This is due to their huge oil reserves and government subsidies.
3. Venezuela
With a fuel price of $0.035(N48.826) per liter, Venezuela is third among the top ten countries with the lowest fuel price.
This country has long subsidized fuel prices for its citizens due to vast oil reserves and government policies aimed at maintaining social stability.
4. Egypt
Egypt has subsidized fuel prices to some extent, using government funds to keep prices low for its citizens.
With a fuel price of $0.282 per liter, Egypt joins the league of countries with cheapest fuel price.
5. Kuwait
Kuwait, a major oil exporter with significant reserves, can afford to keep fuel prices low for its population at $0.341( N476.109) per liter.
6. Algeria
Algeria is a major player in the global oil and gas market, allowing it to maintain relatively low fuel prices.
Algeria secures the sixth position with a fuel price of $0.342( N476.431) per liter.
7. Angola
Angola stands as the seventh country globally with the cheapest fuel prices coming in at around $0.358 (N499.411).
This is largely due to its significant role as an oil exporter, and its low prices are a result of its oil production capacity.
8. Turkmenistan
With fuel prices at $0.428( N597.252) per liter, Turkmenistan is often cited as one of the countries with the cheapest fuel prices globally.
This Central Asian nation benefits from its abundant natural gas reserves, allowing it to subsidize fuel costs for its citizens as a major gas producer and exporter.
9. Malaysia
Malaysia is also one of the countries with the cheapest fuel prices at $0.434(N605.695) per liter.
This is attributed to government subsidies and policies aimed at keeping fuel affordable for its citizens.
10. Nigeria
Nigeria, the leading oil producer in Africa, stands at the 22nd position worldwide, offering fuel at $ 0.487(N679.360).
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