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Kuwait fuel prices cheapest in the GCC and 5th in the world

‘Insider Monkey’ said that fuel prices in Kuwait remain the cheapest among the countries of the Gulf Cooperation Council and rank fifth in the world, with the price of a gallon being $1,286 according to the list issued by the company for the 10 cheapest countries in terms of fuel prices around the world.

‘Insider Monkey’ attributed this decrease to the support provided by the government to all consumers, both citizens and expatriates, noting that since the percentage of expatriates who hold driving licenses constitutes about 55% of the total driving licenses granted in Kuwait, half of the government support goes towards expatriates’ fuel consumption.

According to the figures, the annual cost of fuel in Kuwait, including gasoline and diesel products amounts to about 976 million dinars (equivalent to 3.15 billion dollars), while the value of the sale of these products is about 651 million dinars (equivalent to 2.1 billion dollars), which means that the difference exceeds 300 million dinars, equivalent to $1.05 billion.

Kuwait is considered a major producer in the global oil markets, and is a member of OPEC. The oil sector contributes nearly half of the country’s gross domestic product, and about 95% of total export revenues, as well as the country’s general revenues.

Returning to the ‘Insider Monkey’ report, Iran topped the list of countries with the cheapest fuel prices, ranking first in the world. For Iranians, cheap gasoline is considered an acquired right, as their country has the fourth largest reserve of crude oil in the world, and a gallon of fuel is sold at $0.108. This should not exceed a monthly quota of about 16 gallons, with the price nearly doubling for any consumption exceeding this limit.

The large government support kept fuel prices low, but due to the widening gap between the supply, which is restricted by local refining capacity, and the high demand, the government was forced to take advantage of its strategic reserves and import gasoline for the first time in a decade.

Below is a list of the 10 cheapest countries in the world in terms of fuel prices:

  1. Iran: The price of a gallon is $0.108.
  2. Libya: The price of a gallon is $0.116.
  3. Venezuela: The price of a gallon is $0.132.
  4. Algeria: The price of a gallon is $1,267.
  5. Kuwait: The price of a gallon is $1,286.
  6. Angola: The price of a gallon is $1.375.
  7. Egypt: The price of a gallon is $1,409.
  8. Turkmenistan: The price of a gallon is $1.625.
  9. Malaysia: The price of a gallon is $1,642.
  10. Kazakhstan: The price of a gallon is $1,721.

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