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Economically 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. What Drives Gas Prices Around the World?
So, what really causes the cost of filling your tank to swing up or down—from one country to another and from one week to the next? At the root of it all lies the price of crude oil. The vast majority of what you see at the pump traces back to this single ingredient.
Global oil prices themselves are anything but simple. They’re shaped by a wild mix of factors, including shifts in worldwide supply and demand, political tension somewhere across the globe, disruptions at oil fields or refineries, and, perhaps most famously, decisions made by OPEC. When global supply can’t keep up with demand—maybe due to a natural disaster or geopolitical conflict—crude oil prices tend to spike, and drivers everywhere feel it soon after.
OPEC, a coalition of major oil-exporting nations, has the power to influence how much oil floods or trickles onto the market. If they agree to restrict production, supply tightens, prices climb, and, as a result, your weekly fill-up drains your wallet a bit faster. That’s been the case recently, as production cuts have nudged up prices around the world.
The bottom line: While local taxes and subsidies play a supporting role, the international tug-of-war over oil keeps those gas price signs in constant motion. If you ever feel like you need a crystal ball to predict what you’ll pay next week, now you know why. 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 in 2023
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 Global Petrol Prices :
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 $ 0.06 —meaning that it would cost pennies to fill up a rig. Sounds like a fleet owner’s dream.
2. Libya
The oil-rich North African country of Libya comes in at #2 when it comes to cheap gas. Currently, a gallon of fuel will set you back just $0.12.
3. Iran
Another oil-rich country- 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 $0.20 per gallon.
4. Angola
The African nation comes in at #4, with a gallon of fuel costing $1.19.
5. Algeria
Algeria ranks #5 for cheap gas, even though its residents pay more than ten times as much as its neighbor to the west, Libya. A gallon of gas in Algeria comes in at $1.28.
6. Kuwait
An oil-rich country whose GDP is bolstered by their fuel exports. The Kuwaitis pay $1.30 per gallon.
7. Egypt
Egypt comes in with fuel costing $1.41 per gallon. Very Nice!
8. Turkmenistan
Turkmenistan makes it to the list with gasoline priced at $1.63 per gallon.
9. Malaysia
At Malaysian pumps, you pay $1.73 per gallon.
10. Kazakhstan
Kazakhstan is in at number 10 with a price of $1.76 per gallon.
* Gas prices are continuously fluctuating. View the most up to date gasoline prices at GlobalPetrolPrices.com.
The United States… #34
The U.S. average gas price is $3.75 per gallon. And, while Americans are 34th 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 Denmark and Norway all charging over $7.50 per gallon. Hong Kong tops the list, though, at a whopping $11.14 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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