Which country has the cheapest petrol?

Which Country Has the Cheapest Petrol?

Fuel prices are a significant expense for consumers worldwide, and they can vary dramatically depending on the country. Factors such as government subsidies, production costs, and geopolitical events all play a role in determining the price of petrol at the pump.

According to data from GlobalPetrolPrices.com, the following countries consistently rank among the lowest in terms of petrol prices:

• Venezuela: $0.02 per liter
• Iran: $0.05 per liter
• Libya: $0.06 per liter
• Algeria: $0.12 per liter
• Saudi Arabia: $0.18 per liter

It’s important to note that these prices are often heavily subsidized by the governments of these countries. The low prices may not fully reflect the true cost of production or the environmental impact of petrol consumption. For instance, Venezuela’s heavily subsidized petrol prices have contributed to environmental pollution and economic distortions.

In contrast to these low-priced countries, the global average price of petrol is significantly higher. According to the World Bank, the average price of petrol worldwide in 2022 was $1.01 per liter. This price has been driven up by factors such as the COVID-19 pandemic, supply chain disruptions, and the war in Ukraine.

Some countries have taken measures to mitigate the impact of high petrol prices on consumers. For example, the United States has released strategic oil reserves to increase supply and lower prices. Other countries, such as France, have implemented tax cuts on petrol to provide relief to motorists.

Ultimately, the price of petrol in any given country is determined by a complex set of factors. While countries like Venezuela and Iran may have the cheapest petrol on paper, it’s important to consider the potential drawbacks and the true cost of these low prices.