Countries With The Cheapest Gas Prices In The World: Top 7 Lowest

Worldwide, there is a great deal of variation in the price of gasoline due to a number of factors including government regulations, economic situations, and oil output. Gas prices vary greatly throughout countries; some manage to maintain extremely low prices.

We must first examine the world oil market in order to comprehend the mechanism behind the determination of gasoline prices. Since oil is a commodity, supply and demand govern how much it costs. Weather, speculation, political and economic developments, and other factors are just a few of the many variables that can impact the price of oil, which varies on a regular basis.

Gasoline prices are subject to significant swings based on the price of oil. The cheap cost of petrol in the nations on our list is frequently the result of government subsidies.

Countries With the Cheapest Gas Prices in the World

• Venezuela
• Kuwait
• Saudi Arabia
• Algeria
• Egypt
• Malaysia
• Iran

1. Venezuela

In Venezuela, the government subsidizes the price of gasoline, which is only cents a gallon. It's actually less expensive than bottled water in the nation because it's so inexpensive! Although this seems like a fantastic offer, it's crucial to remember that the average salary in Venezuela is quite low, making it difficult for many individuals to pay for needs.

2. Kuwait

The price of gasoline is regulated by the government of Kuwait, which also owns all the oil and gas industries. The outcome is the maintenance of an artificially low price for gas. The average salary in Kuwait is still rather low, much like in Venezuela, therefore most people's standard of living isn't necessarily increased by the cheap gas.

3. Saudi Arabia

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Saudi Arabia is an oil-rich nation, much like Kuwait, and the government maintains low gas prices. Nonetheless, the government has been gradually increasing the price in an attempt to lessen the nation's reliance on oil money in recent years. Nevertheless, compared to most other nations, petrol is far less expensive in Saudi Arabia.

4. Algeria

Similar to Saudi Arabia and Kuwait, Algeria is an oil-rich nation where the price of gasoline is regulated by the government. The low pricing is maintained to satisfy the needs of the populace and encourage economic growth. Unfortunately, the nation's infrastructure is finding it difficult to meet the demand for gasoline, which is causing a number of issues including lengthy lineups at petrol stations.

5. Egypt

The only nation on this list without a sizable oil industry is Egypt, which yet manages to keep gas costs low. Petrol prices in Egypt are subsidized, meaning that the government bears a portion of the expense. Although it keeps prices down, this is very expensive for the government. The administration is thinking of cutting back on or doing away with the subsidies since they are hurting the economy of the nation.

6. Malaysia

Malaysia presents an intriguing example as a middle-income nation with somewhat low petrol prices. Gas prices are set by the government and are kept low to support the national economy. But there are now issues with pollution and traffic congestion as a result of the cheap cost of gas. To solve these problems, the government is thinking about raising the gas price.

7. Iran

Iran is an oil-rich nation with a government that sets the price of gasoline, much like many of the other nations on this list. Because of significant government subsidies, gas is incredibly affordable for the general public. But the subsidies are a significant financial burden on the nation, and the administration is thinking of gradually eliminating them. This might cause the price of gas to rise significantly.