Oil & Gas

Despite the global rise in fuel prices, some countries are striving for a leading position among the cheapest gasoline providers. This trend is driven by the increasing energy demand and rising tensions in the Middle East, which threaten to push the price of oil above $100 per barrel.

Among the top five cheapest gasoline providers globally, three Arab countries stand out, benefiting from either abundant oil production or government subsidies. These factors enable them to maintain low fuel prices, as reported by the Specialized Energy Platform.

Iran, despite facing US and European sanctions, boasts the world's cheapest gasoline. Tehran heavily subsidizes fuel, leading to wasteful consumption and environmental concerns. Gasoline in Iran currently costs about 15,000 riyals per liter ($0.029).

Libya follows closely as the second cheapest country for gasoline globally. It subsidizes gasoline heavily, selling it at about 0.73 Libyan dinars per liter (approximately $0.031). This has resulted in a black market for fuel, as it is smuggled to neighboring countries for profit.

Venezuela ranks third among the cheapest gasoline providers globally, with a liter costing about 0.840 bolivar ($0.035). The country's oil and gas sector, under long-standing sanctions, has a chance to recover with increased investment.

Egypt is the fourth cheapest country for gasoline globally and the second cheapest in the Arab world. Gasoline there costs about 13.50 Egyptian pounds per liter ($0.28). Despite a recent price hike, Egypt continues to subsidize fuel, with over 147 billion Egyptian pounds ($3.063 billion) allocated for fuel subsidies in the next fiscal year.

Algeria rounds out the top five cheapest gasoline providers globally and ranks third in the Arab world. Gasoline in Algeria costs about 45.97 Algerian dinars per liter ($0.34).