Which Country Has Cheapest Petrol?

Most of the world currently runs on fossil fuels such as petrol, diesel and CNG (compressed natural gas). Even though electric vehicles (EVs) usage is increasing, it will take several years for them to go mainstream. Till then, fossil fuels will continue to maintain their dominance.

For the common people, expenses related to their daily commutes form a significant percentage of their monthly budget. And when fuel prices rise, it becomes all the more difficult to make ends meet. However, not everyone has to face such challenges. That’s because there are countries that have very low fuel prices. Here’s a quick look at countries with cheapest petrol prices in the world.

Kuwait – Located in Western Asia, Kuwait has been exporting crude oil since 1946. Despite being a relatively small country, it has 10% of world’s oil reserves. In Kuwait, you can buy petrol at USD 0.347 per liter.

Algeria – Located in North Africa, Algeria is one of the largest economies in the continent. The country is ranked ninth in terms of natural gas reserves. Algeria supplies natural gas to several European countries. In Algeria, you can buy petrol at USD 0.346 per liter.

Angola – Located in Africa, Angola has large oil reserves. It is currently ranked among the fastest growing economies in the world. In Angola, you can buy petrol at USD 0.245 per liter.

Iran – This country also has large reserves of oil. When in Iran, you can buy petrol at USD 0.062 per liter. The country has a slab system, wherein 60 liters per month is provided to customers at lowest rate. Any more you buy above 60 liters will be charged at a higher rate.

Venezuela – If you want petrol at most affordable rates, you could consider living in Venezuela. That’s because petrol is the cheapest in this South American nation. One key reason is that Venezuela has some of the biggest oil reserves in the world. In Venezuela, you can buy petrol at USD 0.02 per liter. This is the official fuel price in Venezuela. Actual prices may vary since the country has an active black market for fossil fuels.

The current global average for petrol prices is USD 1.08 per liter. Is this more or less than what you are paying in your country? Every country has different tax structures, which may impact fuel prices. If your country imports most of its crude oil, then prices are likely to be high. To avoid the high price of petrol, one can switch to an electric vehicle. Operational cost of EVs is currently around 1/10th in comparison to that of petrol powered vehicles.