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. 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, thatthe 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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When it comes to gas prices, I've delved into various facets, from global economic influences to regional politics shaping oil markets. My insights draw from extensive research, examining fluctuations in prices over recent years and the impact on various sectors, especially transportation. For instance, the correlation between fuel costs and the success of the transportation industry is profound—every cent shift can reverberate through profit margins and operational efficiency.
Analyzing the cheapest gas prices by country involves a deep understanding of global oil markets, geopolitical dynamics, and the economics of oil-producing nations. The data in the article showcases key oil-rich countries dominating the list of lowest gas prices, largely due to their significant reserves and domestic policies.
Venezuela tops the list with astonishingly low gas prices at $0.06 per gallon, a reflection of their vast oil reserves and subsidized fuel policies. Following closely are Libya and Iran, also rich in oil, offering gas at $0.12 and $0.20 per gallon, respectively. Other oil-rich countries like Angola, Algeria, Kuwait, Egypt, Turkmenistan, Malaysia, and Kazakhstan offer relatively low-priced gas, ranging from $1.19 to $1.76 per gallon.
Contrastingly, the United States stands at #34 with an average gas price of $3.75 per gallon. Despite this rank, the affordability of gas in the U.S. is relatively high due to the country's income levels compared to the cost of fuel. European nations, notably Denmark and Norway, have some of the highest gas prices, exceeding $7.50 per gallon, with Hong Kong topping the list at an astonishing $11.14 per gallon.
The impact of these fluctuating prices on industries like transportation, especially fleets covering extensive miles annually, is immense. Strategies such as utilizing fuel cards provided by factoring companies become crucial to manage costs efficiently.
Understanding these nuances involves tracking global fuel markets, economic policies, and the intricate interplay between oil-producing nations, making informed decisions essential for industries affected by gas prices.
For trucking companies facing the brunt of rising fuel costs, exploring options like trucking invoice factoring and fuel-saving strategies becomes paramount to maintain profitability in a challenging economic landscape.
