Some countries enjoy cheap fuel prices despite the inflation ravaging the country.
According to a report, the average fuel price around the world is $1.33 U.S. dollars per liter.
However, the difference in the prices of fuel among countries is a result of the taxes and subsidies for gasoline. This makes the retail prices different.
The report also stated that there is a general rule that richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices.
According to the report, below are the countries with significant cheapest fuel prices:
1. Iran
Iran tops the list of countries with cheapest fuel price with fuel sold $0.029 ( N 26. 52) per liter.
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 reserve and government subsidies.
3. Venezuela
With a fuel price of $0.035(N48.826) per liter, Venezuela secures the third position amongst the top ten countries with the cheapest 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, being a major oil exporter and having significant reserves, can afford to keep fuel prices low for its population with $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.
With a fuel price of $0.342( N476.431) per liter, Algeria secures the sixth position.
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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 is as 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).
Despite its significant role in the global oil market, Nigeria grapples with obstacles like corruption and infrastructure shortcomings, hindering its capacity to offer even cheaper fuel to its populace.
