Kuwait ranks 7th in world for cheapest gasoline prices

The Express Tribune newspaper reported that Kuwait ranks seventh among countries with the lowest gasoline prices, with a liter priced at $0.341. The Pakistani newspaper attributed the low gasoline prices in Kuwait to the country’s vast reserves, low production costs, and a subsidy policy that is part of its broader social welfare programs.

The following is the list of the ten countries with the lowest gasoline prices:

1. Iran: It holds the top spot for the lowest gasoline prices globally, with a price of $0.029 per liter, thanks to substantial government subsidies. Despite international sanctions affecting oil exports, Iran continues to offer fuel at a fraction of global prices.
2. Libya: It adopts a similar policy to Iran, selling gasoline at $0.031 per liter. With the largest oil reserves in Africa, Libya keeps fuel prices low through subsidies, despite ongoing economic instability.
3. Venezuela: Despite having vast crude oil reserves, Venezuela sells gasoline at just $0.035 per liter. However, hyperinflation and mismanagement have caused supply shortages, even with heavy subsidies.
4. Angola: As one of Africa’s largest oil producers, Angola keeps gasoline prices at $0.328 per liter. Government subsidies ensure affordability, though economic inequality continues to be a concern.
5. Egypt: It sells gasoline at $0.339 per liter, balancing subsidies with gradual price adjustments as part of its economic reforms. The country’s role as both a producer and consumer helps keep prices relatively low.
6. Algeria: It sells gasoline at $0.340 per liter and is a major oil and gas exporter. While subsidies keep costs low, the country’s reliance on oil revenues makes it vulnerable to price fluctuations.
7. Kuwait: Gasoline is sold at $0.341 per liter.
8. Turkmenistan: With vast oil and gas reserves, Turkmenistan offers gasoline at $0.428 per liter. The government regulates fuel prices to ensure affordability and keep them below the global average.
9. Malaysia: As an oil exporter, Malaysia sells fuel at $0.467 per liter. The government provides subsidies to keep prices low while also promoting economic growth and energy efficiency.
10. Kazakhstan: It maintains relatively low gasoline prices at $0.473 per liter, benefiting from its vast oil and gas resources. Domestic production and controlled pricing help ensure affordability for citizens.