Top 10 countries with cheapest petrol prices as Nigeria misses global ranking

Despite an average petrol price of about N1,179 per litre, several oil-producing nations continue to sell fuel at far lower prices than Nigeria, largely due to government subsidies, regulated pump prices and domestic energy policies that shield consumers from international oil market fluctuations.

Nigeria, Africa’s largest crude oil producer, does not feature among the 10 countries with the world’s cheapest petrol prices, according to data from Global Petrol Prices.

Unlike these countries, where governments continue to subsidise fuel or maintain price controls, Nigeria has fully deregulated its downstream petroleum sector following the removal of petrol subsidies in 2023.

Based on currency conversions into naira, the 10 countries with the cheapest petrol prices as of June 2026 are:

Libya – N31.94 per litre

Libya remains the country with the world’s lowest petrol price at N31.94 per litre, driven by one of the most generous fuel subsidy schemes globally. Although the country has endured years of political instability and conflict, successive administrations have retained fuel subsidies to ease living costs and preserve public support.

As an Organisation of the Petroleum Exporting Countries (OPEC) member with Africa’s largest proven crude oil reserves, Libya uses a sizeable share of its oil revenue to keep domestic fuel prices artificially low.

However, analysts have consistently warned that the policy fuels large-scale petrol smuggling into neighbouring countries, where pump prices are considerably higher, resulting in billions of dollars in lost government revenue each year.

Iran – N39.16 per litre

Iran ranks as the world’s second-cheapest petrol market, with motorists paying just N39.16 per litre. The low price is sustained by decades of government subsidies funded by the country’s abundant oil and natural gas resources.

Although international sanctions have reduced Iran’s oil export earnings and public finances, authorities have largely avoided full fuel price liberalisation because of concerns about inflation and potential civil unrest.

Previous efforts to reduce subsidies have triggered nationwide protests, underlining the political sensitivity of petrol pricing. Iran currently operates a fuel rationing system that provides motorists with subsidised fuel allocations before higher market prices apply to additional purchases.

Venezuela – N47.92 per litre

Petrol costs N47.92 per litre in Venezuela, keeping it among the world’s cheapest fuel markets despite significant increases from the symbolic prices maintained for decades.

The South American country, which holds the world’s largest proven crude oil reserves, traditionally regarded petrol as an almost free public service.

However, prolonged economic turmoil, hyperinflation and declining oil production forced the government to introduce fuel price reforms from 2020. Even so, substantial subsidies remain in place, ensuring petrol stays significantly cheaper than in most oil-producing countries despite ongoing refining and distribution challenges.

Angola – N447.91 per litre

In Angola, petrol sells for N447.91 per litre, reflecting the country’s gradual withdrawal from decades of universal fuel subsidies.

As sub-Saharan Africa’s second-largest oil producer after Nigeria, Angola historically kept fuel prices low through government support. However, growing fiscal pressures have led authorities to scale back subsidies since 2023 as part of broader economic reforms supported by international financial institutions.

Although domestic fuel prices have risen considerably, they remain below global market levels because the government continues to absorb part of the cost for consumers.

Kuwait – N465.29 per litre

Motorists in Kuwait pay N465.29 per litre, supported by one of the highest oil revenues per capita in the world.

The Gulf state’s economy relies heavily on crude oil exports, and the government continues to regulate domestic fuel prices. While petrol prices were moderately increased in 2016 to ease fiscal pressures caused by lower oil prices, fuel remains among the cheapest worldwide.

Kuwait’s large sovereign wealth fund and relatively small population enable the government to sustain affordable energy prices.

Algeria – N481.51 per litre

Petrol is priced at N481.51 per litre in Algeria, where affordable energy has long been regarded as part of the government’s social contract with citizens.

Backed by significant oil and natural gas revenues, the country maintains extensive subsidies covering fuel, electricity and other essential goods.

Although policymakers have repeatedly proposed subsidy reforms to reduce pressure on public finances, implementation has been slow due to concerns about inflation and social stability. Consequently, Algeria continues to record some of Africa’s lowest petrol prices.

Turkmenistan – N586.16 per litre

Turkmenistan records a petrol price of N586.16 per litre, reflecting continued government intervention in the domestic energy sector.

Rich in natural gas and hydrocarbon reserves, the Central Asian nation has traditionally maintained low fuel prices through state control of the petroleum industry.

Although some universal energy subsidies have been reduced over the past decade to strengthen public finances, government-administered pricing has kept petrol relatively inexpensive by international standards.

Egypt – N660.87 per litre

Motorists in Egypt pay N660.87 per litre, following years of gradual fuel subsidy reforms.

Since 2014, the Egyptian government has steadily reduced energy subsidies as part of a wider economic reform programme supported by the International Monetary Fund (IMF).

Rather than removing subsidies immediately, authorities introduced phased fuel price increases alongside an automatic pricing mechanism that periodically adjusts prices in line with international crude oil markets and exchange rate movements.

Despite notable increases over the past decade, the government continues to intervene to limit sharp fluctuations in domestic fuel prices.

Qatar – N787.16 per litre

Petrol costs N787.16 per litre in Qatar, one of the world’s wealthiest countries and the largest exporter of liquefied natural gas.

The country’s vast hydrocarbon wealth enables the government to maintain relatively low domestic fuel prices despite periodic adjustments.

Qatar adopted a monthly fuel pricing system in 2016 that aligns domestic prices more closely with international market trends. Nevertheless, its low production costs and strong fiscal position continue to support comparatively affordable petrol.

Saudi Arabia – N849.47 per litre

Saudi Arabia sells petrol at N849.47 per litre, reflecting its gradual shift from heavily subsidised fuel towards a more market-based pricing system.

As the world’s largest crude oil exporter, the kingdom has historically maintained some of the lowest petrol prices globally.

However, under its Vision 2030 economic diversification agenda, the government introduced major fuel pricing reforms to reduce subsidies and improve fiscal efficiency.

Despite these adjustments, Saudi motorists still pay substantially less than consumers in many other countries, supported by the country’s vast oil production, low extraction costs and continued government oversight of domestic fuel pricing.