Which is the cheapest country for petrol?

Global Variations in Petrol Prices

The cost of petrol fluctuates considerably across the globe, influenced by various economic factors. In December 2024, Iran stood out as the country with the most affordable petrol prices, offering it at a meager $0.029 per liter. This remarkably low cost is driven by Iran’s extensive oil reserves and government subsidies.

Other nations also offer relatively inexpensive petrol. Libya followed closely behind Iran, with prices hovering around $0.031 per liter. Venezuela, renowned for its vast oil reserves, also boasts low fuel costs, averaging at $0.033 per liter.

These countries’ exceptionally low petrol prices stem from their substantial oil production and strategic policies. By heavily subsidizing fuel costs, these governments aim to provide affordable transportation for their citizens.

In contrast, some countries face significantly higher petrol prices. In Western nations like the United States, prices can reach $0.99 per liter, while in Europe, they often exceed $1.50 per liter. These higher costs are attributed to factors such as oil import dependency, taxation, and environmental regulations.

Understanding these global variations in petrol prices is crucial for consumers and policymakers alike. It highlights the impact of economic factors on the cost of fuel and the importance of balancing energy access with environmental considerations.