- By Pawan Mishra
- Thu, 25 Jun 2026 12:58 PM (IST)
- Source:JND
Which Country Has The Cheapest Petrol Price: More than 95 per cent of cars in the world run on petrol. Petrol prices vary depending on the country due to several factors, including taxation, government subsidies, accessibility to refineries, and currency exchange rates. The petrol is currently priced over Rs 100 in India. Do you know which country has the cheapest petrol prices in the world? Let’s take a look.
Not Iran Or Venezuela
Most people think that Iran or Venezuela could be the country with the cheapest petrol prices. Well, it’s not completely wrong to think that, as these countries remain reshuffling between the top positions of cheapest petrol in the world. Moreover, Venezuela has the world’s largest oil reserves, whereas Iran has the third-largest oil reserves in the world. Thus, it is very logical to think that Iran or Venezuela might have the cheapest petrol in the world.
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Country With The Cheapest Petrol Prices
As mentioned earlier, oil reserves are not solely responsible for petrol prices in a country. While Venezuela, with the world’s largest oil reserves, is currently the third country with the cheapest petrol price, Iran, with the third-largest oil reserves, is in second position. The country with the cheapest petrol prices has the world’s tenth-largest oil reserves. Moreover, it has a population of 75 lakh, and more than 40 per cent of its population lives below the poverty line. The country with the cheapest petrol price is Libya, and petrol costs USD 0.023 per litre here, which is approximately Rs 2.17 per litre.
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India Vs Libya: Petrol Price
India imports more than 90 per cent of its fuel needs, and the government is currently pushing the country’s ethanol blending program to reduce its dependence on imported fuel. Due to the recent US-Iran conflict, crude oil prices skyrocketed, and petrol prices crossed the Rs 100 mark in the country. In comparison to Libya, India has approximately 98 per cent more expensive petrol prices.