By If you’ve ever wondered why gasoline can be cheap in one country and painfully expensive in another, the answer is usually a mix of oil production, government taxes, and fuel subsidies. Many of the world’s lowest pump prices show up in countries that either produce/export oil or control retail fuel prices through regulation and subsidies.
Using the latest country-by-country gasoline price dataset from GlobalPetrolPrices (Octane-95), here are the countries with the least expensive gasoline right now—and what’s behind those prices.
10 countries with the cheapest gasoline
GlobalPetrolPrices reports the world average gasoline price at about $1.30 per liter around late February 2026, with wide differences driven largely by local taxes and subsidies.
Cheapest gasoline prices by country (USD per liter)
| Rank | Country | Gasoline price (USD/L) | Last update (source) |
|---|---|---|---|
| 1 | Libya | $0.024 | 23-Feb-2026 |
| 2 | Iran | $0.029 | 23-Feb-2026 |
| 3 | Venezuela | $0.035 | 23-Feb-2026 |
| 4 | Angola | $0.327 | 23-Feb-2026 |
| 5 | Kuwait | $0.34 | 23-Feb-2026 |
| 6 | Algeria | $0.36 | 23-Feb-2026 |
| 7 | Turkmenistan | $0.428 | 23-Feb-2026 |
| 8 | Egypt | $0.44 | 23-Feb-2026 |
| 9 | Kazakhstan | $0.49 | 23-Feb-2026 |
| 10 | Qatar | $0.51 | 23-Feb-2026 |
Note: Prices can change weekly or monthly depending on the country’s market structure and reporting schedule.
Why these countries have the least expensive gas
They subsidize fuel (sometimes heavily)
In many low-price countries, the pump price is kept low through explicit subsidies or regulated pricing. The IMF has documented how fuel subsidies can be costly and encourage issues like smuggling and corruption in some contexts.
A clear example is Libya: IMF analysis notes that Libya’s gasoline prices have remained extremely low for decades and that subsidy systems can create distortions.
They’re major oil producers or exporters
Oil-producing states often keep domestic prices lower because their supply chain is close to the source and the government can use petroleum revenues to support low retail prices.
GlobalPetrolPrices also summarizes this pattern directly: oil-producing/exporting countries tend to have significantly lower gasoline prices, while richer countries often have higher prices because of taxation.
They tax gasoline less
Even when crude oil costs are similar globally, the retail price changes after taxes, duties, and fees. The World Bank’s fuel pricing resources emphasize that cross-country differences come from price controls, subsidies, and tax structures, and it provides a global database for comparison.
Quick country notes: what to know beyond the cheap price
Libya, Iran, Venezuela (ultra-low prices)
These prices are exceptionally low in USD terms in the latest dataset.
In practice, ultra-cheap official prices can coexist with real-world constraints like supply disruptions, queuing, regional availability, or parallel-market dynamics—so travelers and businesses should treat the headline price as just one factor to check.
Kuwait, Qatar (low prices + stable reporting)
Both countries show low USD-per-liter pricing in late February 2026 and are updated weekly in the source dataset.
Angola, Algeria, Egypt (low prices, often policy-driven)
These markets appear in many cheapest fuel lists and remain below the global average in the dataset used here.
Cheapest gas by region (patterns you’ll keep seeing)
- North Africa & parts of the Middle East: Often low due to energy-export status and regulated pricing.
- Central Asia: Countries like Turkmenistan and Kazakhstan frequently land in the low-price tier.
- Latin America: Can include very low official prices in certain cases, depending on policy and subsidy design.
How to use this list
If you’re traveling
- Check whether fuel price reporting is weekly vs monthly (fast-changing markets can surprise you).
- Don’t assume “cheap gas” means “easy to buy”—look up local fueling rules, station availability, and payment norms.
If you’re comparing operating costs for fleets or logistics
- Pair pump price with fuel quality standards, reliability, and import/export rules.
- Consider how policy shifts (subsidy reform, taxation changes) can change costs quickly; this is a major theme in fuel-pricing policy discussions.
FAQs
Which country has the cheapest gasoline in the world?
In the latest GlobalPetrolPrices snapshot (late Feb 2026), Libya appears at the bottom of the price list at about $0.024 per liter.
Why is gasoline so cheap in some countries?
Usually because of fuel subsidies, price controls, low fuel taxes, and/or being an oil producer/exporter.
Are cheap gas prices good for an economy?
They can reduce household costs in the short term, but large subsidies can be expensive for governments and may create distortions (for example, smuggling incentives).
Conclusion
The countries with the least expensive gas are overwhelmingly those with regulated fuel markets, subsidies, and/or strong oil production. Based on late February 2026 data, the current “cheapest gas” leaders include Libya, Iran, Venezuela, Angola, Kuwait, and Algeria, all far below the global average gasoline price level.
