Top 10 Countries With The Cheapest Petrol Price Right Now

The cost of crude oil is the largest component of the retail price of gasoline or petrol. Recently, the price of WTI crude oil has been $120-$121 a barrel. In the worldwide oil industry, an oil barrel is defined as 42 U.S. gallons, which is about 159 liters. This calculates the price of crude oil to $0.75-$0.76 per liter. Taxes and subsidies, cost of refining and transporting, commission, etc., are included in the retail price.

The average price of gasoline around the world is 1.29 U.S. Dollars per liter. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. The differences in prices across countries are mainly due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes.

Countries by petrol prices

Out of the 170 countries/regions listed, 45 have a price below 1 USD dollar. Seventy-four have between $1.00-$1.50, 25 have between $1.50-$2.00, and 26 have over $2. Prices are as per the date 07 Mar 2022.

Venezuela has the cheapest gas price, just $0.022 per liter, followed by Libya ($0.032) and Iran ($0.053). Among the top ten cheapest, four countries are located in Asia and Africa each, and one each in South America in Europe. Hong Kong has the most expensive price of $2.961, followed by Norway ($2.826)

List of Top 10 Countries with the Cheapest Gas Price right now

1. Venezuela

2. Libya

3. Iran

4. Syria

5. Algeria

6. Kuwait

7. Angola

8. Nigeria

9. Turkmenistan

10. Malaysia

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Read More: Top 10 States With The Cheapest Gas Prices In America

Top Countries With The Most Expensive Gas Prices on Planet

Gas prices in America are an ongoing source of concern, frustration, and debate in the U.S., after topping $5 per gallon for the first time in the past week. However, Americans will be comforted to find that gas prices are more expensive in many parts of the planet.

Hong Kong: $11.35

Norway: $10.22

Denmark: $10.04

Finland: $10.08

Greece: $9.49

Netherlands: $9.33

United Kingdom: $8.39

Spain: $8.35

France: $8.27

Italy: $8.01

Israel: $7.94

Germany: $7.65

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Which is the country with the cheapest petrol price in the world now?

♦ Gas Prices In the World - Updated (June,2022)

You might think Saudi Arabia has the cheapest gas price, but it stands at $2.35 per gallon there, well above other countries in the region. Here’s who has the cheapest gas on the planet.

Venezuela – $0.08

Libya: $0.12

Iran: $0.20

Syria: $1.08

Algeria: $1.19

Kuwait: $1.29

#1. Venezuela

Venezuela, while overall a rather impoverished nation, is rich in oil reserves and fossil fuels, and uses that particular wealth to provide its people with virtually free gasoline. Yeah, it is strange to think about, isn’t it? But it is true. Technically, the price per gallon at the Venezuelan pumps is $ 0.10 —meaning that it would cost pennies to fill up a rig. Sounds like a fleet owner’s dream.

The price of octane-95 gasoline is 0.1 Venezuelan Bolivar per liter. For comparison, the average price of gasoline in the world for this period is 6.36 Venezuelan Bolivar.

The subsidized price of 0.1 USD on the chart is for the first 120 liters a month only for people with a valid Fatherland Card. Purchases above 120 liters per month are charged at 0.50 USD per liter. Also, the price listed on this page is the official gasoline price. However, during times of fuel shortages in Venezuela, there is a black market for fuel with prices that can exceed substantially the average international price levels.

#2. Libya

The oil-rich North African country of Libya comes in at #2 when it comes to cheap gas. Currently, the price of octane-95 gasoline is 0.15 Libyan Dinar per liter. For comparison, the average price of gasoline in the world for this period is 6.72 Libyan Dinar.

#3. Iran

The price of octane-95 gasoline is 15000 Iranian Rial per liter. For comparison, the average price of gasoline in the world for this period is 396669.53 Iranian Rial.

We use the market exchange rate to covert the Iranian fuel prices to other currencies. The alternative is to use the official exchange rate but its actual use in the economy is limited. Also, the price of 15,000 IRR applies to the first 60 liters of gasoline purchased in a month. Thereafter, the price is 30,000 IRR per liter.

#4. Syria

Syria has been going through a violent civil war for over a decade. Despite this and its impact on oil production, the country ranks 4th globally with a price of octane-95 gasoline is 1100 Syrian Pound per liter. For comparison, the average price of gasoline in the world for this period is 5435.46 Syrian Pound.

Read More: Top 10 Countries With Biggest Oil Producers And Consumers In The World

#5. Algeria

Algeria ranks #5 for cheap gas, even though its residents pay more than ten times as much as its neighbor to the west, Libya.

We show prices for Algeria from 21-Feb-2022 to 30-May-2022. The average value for Algeria during that period was 45.97 Algerian Dinar with a minimum of 45.97 Algerian Dinar on 21-Feb-2022 and a maximum of 45.97 Algerian Dinar on 21-Feb-2022. For comparison, the average price of gasoline in the world for this period is 283.38 Algerian Dinar.

#6. Kuwait

An oil-rich country whose GDP is bolstered by their fuel exports. We show prices for Kuwait from 21-Feb-2022 to 30-May-2022.

The average value for Kuwait during that period was 0.11 Kuwaiti Dinar with a minimum of 0.11 Kuwaiti Dinar on 21-Feb-2022 and a maximum of 0.11 Kuwaiti Dinar on 21-Feb-2022. For comparison, the average price of gasoline in the world for this period is 0.60 Kuwaiti Dinar.

#7. Angola

Another African nation comes in at #6, Angola. The price of octane-95 gasoline is 160 Angolan Kwanza per liter. For comparison, the average price of gasoline in the world for this period is 592.60 Angolan Kwanza.

#8. Nigeria

The price of octane-95 gasoline is 172.61 Nigerian Naira per liter. For comparison, the average price of gasoline in the world for this period is 586.52 Nigerian Naira.

#9. Turkmenistan

The price of octane-95 gasoline is 1.5 New Manat per liter. For comparison, the average price of gasoline in the world for this period is 4.93 New Manat.

#10. Malaysia

We show prices for Malaysia from 21-Feb-2022 to 30-May-2022. The average value for Malaysia during that period was 2.05 Malaysian Ringgit with a minimum of 2.05 Malaysian Ringgit on 21-Feb-2022 and a maximum of 2.05 Malaysian Ringgit on 21-Feb-2022. For comparison, the average price of gasoline in the world for this period is 8.51 Malaysian Ringgit.

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