Fuel is an essential commodity in our daily lives. It’s important for transportation, agriculture, electricity generation, and many other industries. However, fuel prices can be a headache for motorists, especially if they drive every day. At the same time, the amount of money people spend on fueling their vehicles differs across the world due to various factors such as production costs, taxes, and transportation costs. Let’s review the countries with the cheapest fuel in our article.
Iran has colossal deposits of crude oil, which makes it among the countries with the lowest fuel prices in the world. The republic accounts for 12% of the world’s reserves. Therefore, it’s not surprising that gasoline is sold at an incredibly low price. As of the beginning of 2024, a gallon of gasoline in Iran costs around $0.19 ($0.38 per liter), which is almost ten times cheaper than the average fuel prices in Europe.
Despite being one of the world’s largest oil producers, Iran subsidizes fuel prices, making gas affordable for its citizens. It’s also worth mentioning that about two years ago, the government of the republic initiated an increase in fuel prices, as a result of which the cost rose by about 2.5 times. The measures were designed to reduce fuel consumption within the country as well as the amount of cheap fuel smuggled out.
Iran has some of the cheapest fuel prices in the world, with a liter of gasoline costing just over 10 cents. Iran is also home to some of the world’s most scenic driving routes, such as the Alborz Mountains and the Caspian Sea coastline.
This South American country is another one with the lowest fuel prices. The government heavily subsidizes the fuel industry, making it possible to buy cheap gasoline. The current price in Venezuela is around $0.09 per gallon ($0.025 per liter). This makes driving across Venezuela incredibly affordable when compared even with other South American nations like Brazil or Argentina, which have relatively high pump prices. The low price is obtained due to their dependence on imports from elsewhere, from more expensive crude oil sources like OPEC member states like Saudi Arabia, etc. Despite the low fuel prices, Venezuela is currently facing economic challenges, and the fuel industry isn’t spared.
At the same time, gasoline remains one of the most affordable goods and costs less than a bottle of usual drinking water. Despite having the cheapest fuel in the world, few people in Venezuela can take advantage of this resource. Only 145 out of every 1,000 people in this oil-producing country own cars.
Venezuela is the country with the world’s lowest fuel prices, thanks to its abundant oil reserves. Fuel is heavily subsidized by the government, and as a result, the price at the pump is ridiculously low, costing only a few cents per gallon. If you’re planning a trip to Venezuela, be sure to rent a car and fill up your tank before hitting the road.
3. Saudi Arabia
Here we have a country that’s the world’s largest oil producer and exporter, which places it in a unique position to offer low fuel prices to its citizens. The government heavily invests in the fuel industry, and as of the beginning of 2024, a gallon of gasoline in Saudi Arabia costs around $0.68 ($0.18 per liter).
Kuwait is another Middle East nation that offers its citizens extremely low fuel prices. This tiny state in the northeastern part of the Arabian Peninsula is one of the main producers and exporters of crude oil in the world. Kuwait accounts for about 7% of the world’s reserves. An important plus that contributes to the development of the oil industry is the fact that this oil is produced almost exclusively on land.
If we look at the beginning of 2024, a gallon of gasoline in Kuwait costs around $0.79 ($0.21 per liter), making it among the cheapest in the world. In addition, there are few if any taxes levied against motor fuels here either meaning drivers get great value while others spend a fortune elsewhere. It’s a perfect option if you’re planning an extended road trip on SUVs from AutoBidMaster through Middle Eastern territories.
Syrian authorities have repeatedly raised fuel prices in recent years to deal with an accelerating economic crisis fueled by a decade-long war, sanctions, the coronavirus pandemic, and a financial crisis in neighboring Lebanon.
At the same time, Syrian motorists are allocated 20 gallons (ca. 75 liters) of subsidized gasoline per car monthly, and the cost of a gallon reaches $0.79 ($0.21 per liter). If a Syrian wants to purchase more than 20 gallons of gasoline per month, then for each liter they will have to pay about $3 per gallon ($0.80 per liter).
Sudan is a country that is often overlooked when it comes to travel, but it offers some of the lowest fuel prices in the world. The government subsidizes fuel heavily, making it affordable for everyone. A liter of gasoline costs less than 20 cents in Sudan, making it a great destination for budget travelers.
Algeria is Africa’s largest country, and it’s also one of the countries with the lowest fuel prices in the world. A liter of gasoline costs less than 40 cents, making it an excellent destination for a road trip. Algeria is home to some of the most stunning landscapes in Africa, such as the Tassili n’Ajjer National Park and the Sahara Desert.
Traveling can be expensive, but fuel prices don’t have to be. By visiting one of these countries with the lowest fuel prices, you can save some money on your road trip and enjoy the journey even more.
The above countries have the cheapest fuel prices in the world, mainly due to government subsidies and great oil resources available. However, low fuel prices don’t necessarily mean economic prosperity, as some of these countries are currently facing economic challenges. It’s also important to note that fuel prices may fluctuate due to various factors, such as global demand and supply, geopolitical tensions, and exchange rate fluctuations, among others.