If you could chose any place in the world to fuel your vehicle, it would surely be in one of the ten countries with the cheapest gas prices. Filling up the tank will cost consumers considerably less in these nations than anywhere else on the planet, making car ownership much more affordable. The reason these countries can offer their citizens such low prices is simple: as major oil producers, there is an abundance of the treasured commodity. Thus, anything that is not exported, is sold domestically at a bargain.
Apart from producing a great deal of oil, the countries with the cheapest gas prices rarely boast a diversified economy. In other words, while oil is cheap and abundant, everything else tends to be expensive. In some cases, the oil industry is so dominant that even agriculture is neglected, forcing nations to import food and other basic necessities. Thus, the benefits of low gas prices can be limited, especially when households end up spending the difference on food, housing, or other goods.
In order to reach some kind of relevant conclusion, we recommend you also read our previous post regarding the countries with the highest gas prices. This will not only allow you to get a better idea of where oil is abundant, but also to understand the limited benefits of living in the countries with the cheapest gas prices. As you will see in the following list, many of these nations have poor living standards and often suffer from economic instability.
The states who rely excessively on oil exports are in a particularly tough spot, as their economy is heavily tied to the price of crude. Hence, gas prices might be low, but exposure to international market trends makes these countries vulnerable, often producing crises and economic turmoil. Nevertheless, the following list also includes countries that have managed to escape the curse of abundant oil, boasting a solid and diversified economy, in addition to low fuel prices.
10. Russia – $3.24 per gallon
Although economic sanctions have led to an increase in gas prices, Russians can still purchase fuel at a very low cost. After all, as the world’s largest oil producer, Rusia has more than enough gas to go around.
Russia’s Cold War rival is next on our list of the countries with the cheapest gas prices. Read on to find out the rest.