5 Countries with the Cheapest Gas Prices

In this article, we are going to discuss the 5 countries with the cheapest gas prices. If you want to check out our detailed analysis of the global oil and gas market, the reason why gas is so cheap in the U.S., and the use of artificial intelligence in the oil and gas industry, head to 20 Countries with the Cheapest Gas Prices.

5. Kuwait

Price of Gas per Gallon: $1.286

Among Gulf states, gas prices remain the cheapest in Kuwait. The low price in Kuwait is due to the support provided by the government to all consumers, citizens and expatriates alike. According to figures, the country’s annual cost of fuel (gasoline – diesel) is about 976 million dinars ($3.15 billion), while the selling price is about 651 million ($2.1 billion), which means that the difference exceeds 300 million dinars ($1.05 billion). Given that the percentage of expatriates who have driving licenses constitutes about 55% of the total number of granted licenses in Kuwait, around half of the government’s fuel subsidy goes to support the expat consumption of gas. 

Kuwait is a major oil producer and a member of the OPEC consortium. Oil accounts for nearly half of the country’s GDP,  and around 95% of exports revenue.