A report titled “Gasoline Prices” has examined petrol prices in various countries has revealed the top 10 countries with the lowest petrol prices in 2024.
Globally, the average cost of a liter of gasoline is 1.30 USD. However, these costs vary significantly between countries.
Petrol costs are critical to global economies, and prices vary significantly among countries.
Wealthier countries typically have higher petrol costs, but less wealthy countries, particularly those that lead in oil production and exports, tend to have lower prices.
At the top of the list is Libya, with an astonishingly low fuel price of $0.031 per liter. It’s all thanks to their massive oil reserves and government subsidies, making them the world’s second cheapest gas station after Iran.
Here are a list of top 10 countries with the lowest petrol costs per liter in 2024:
1 Iran – $0.029
2 Libya – $0.031
3 Venezuela – $0.035
4 Algeria – $0.342
5 Kuwait – $0.342
6 Angola – $0.362
7 Egypt – $0.403
8 Turkmenistan – $0.428
9 Malaysia – $0.446
10 Bahrain – $0.53
Nigeria, Africa’s largest oil producer, is ranked 22nd globally, with a fuel price of $0.722 per liter.
Despite being a major player in the global oil market, Nigeria faces obstacles such as corruption and infrastructure issues, which limit its potential to offer even more affordable fuel to its people.
