The 10 Countries with the Cheapest Gas Prices

owner-operator truckingEconomically and politically, from the local to international level, gas prices play a big role in everyday life. That role is especially significant for the transportation industry. Have you ever wondered what are the cheapest gas prices by country?

The average truck in a fleet can drive up to 120,000 miles every year. Naturally, a machine that travels that far requires a lot of fuel. In 2016 alone, the trucking industry burned through 54.9 billion gallons of diesel fuel and standard gasoline—it goes without saying, then, that the price per gallon of gas has a gigantic sway on the success of the transportation industry.

Cheapest Gas Price by Country

With the price of diesel and standard gasoline steadily rising every week, everybody in the American transportation industry is feeling it. But, just how cheap is our gas, compared to other countries? It might surprise you to see just how expensive it is for some countries to drive, and how cheap it is for others.

Here are the top ten countries with the cheapest gas prices, according to a Bloomberg report:

1. Venezuela

Venezuela, while overall a rather impoverished nation, is rich in oil reserves and fossil fuels, and uses that particular wealth to provide their people with virtually free gasoline. Yeah, it is strange to think about, isn’t it? But it is true. Technically, the price per gallon at the Venezuelan pumps is $ 0.01 —meaning that it would cost pennies to fill up a rig. Sounds like a fleet owner’s dream.

2. Iran

Clearly, there is a trend— logically, the countries with the most oil reserves pay the least. The Iranians, with huge oil reserves of their own, charge $0.43 per gallon.

3. Kuwait

Another oil-rich country whose GDP is bolstered by their fuel exports. The Kuwaitis pay $1.31 per gallon.

4. Nigeria

At Nigerian pumps, you pay $1.52 per gallon. Still, despite the low price, with the low average income in Nigeria, it is considered quite expensive to fill up.

5. Egypt

The price in Egypt is still low, but the gap between the top three countries and numbers 4-10 is rather large. The Egyptians pay $1.76 per gallon, and, while that is still really cheap, it is a huge jump from the seventy-five cents (or lower) of the first three countries.

6. Malaysia

The government of Malaysia has in place several fuel subsidies that keep prices at $2.08 per gallon.

7. Saudi Arabia

Seeing the Saudis on this list is far less surprising than the Venezuelans and their cheaper gas prices. Saudi Arabia, known the world over for their oil riches, charges drivers $2.12 per gallon.

8. The United Arab Emirates

Another OPEC country, another lower rate– $2.49 per gallon.

9. Pakistan 

Pakistan is seeing the third increase in fuel price since Imran Khan became prime minister last August. The average price of gas per gallon is $2.65

10. Russia

Russia rounds out the list with huge oil reserves and has taken advantage of them. The oil industry is big in the Russian economy, and gasoline costs $2.75per gallon.

* Gas prices are continuously fluctuating. View the most up to date gasoline prices at GlobalPetrolPrices.com.

 The United States… #13

The U.S. average gas price is $2.99 per gallon. And, while Americans are 13th on the list of sheer prices, when you factor in our country’s high-income levels and wealth relative to this price, the United States has the fourth-highest gasoline affordability rating on the globe (that is, one gallon of gas costs only a tiny fraction of our average daily income).

And just in case you were wondering, the countries with the most expensive gas prices are generally in Europe, with Italy, the Netherlands and Norway all charging over $7.00 per gallon.

The rising prices of fuel can be a challenge for fleet owners. So why not find more ways to be as economical as possible?

Consider Did you know that factoring companies offer fuel cards for trucking companies in addition to funding? Consider trucking invoice factoring.  Learn how you can save more on your fuel costs by partnering with a factoring company.

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