Libya has the world’s cheapest petrol at approximately ₹2.21 per litre, followed by Iran at ₹2.71 and Venezuela at ₹3.32, according to fuel-price data cited by NDTV Profit. The figures highlight how government subsidies, domestic oil resources and regulated fuel prices can keep petrol costs far below levels seen in many other countries.
The report, based on data from Global Petrol Prices as of October 12, 2026, lists 10 countries where petrol is available at comparatively low prices. Saudi Arabia, despite being a major oil producer, does not feature in this particular list.
The prices were converted using an exchange rate of ₹94.15 per US dollar, meaning the rupee equivalents may change as currency rates fluctuate.
Libya leads the list with petrol at ₹2.21 per litre
Libya tops the list, with petrol priced at approximately ₹2.21 per litre. The country has substantial oil reserves and provides significant fuel subsidies, helping keep prices low for consumers.
However, maintaining these low prices has become challenging amid years of political instability and fuel smuggling. Subsidised fuel can also create a gap between domestic prices and the value of fuel in neighbouring markets, encouraging illegal trade.
Iran ranks second, with petrol priced at around ₹2.71 per litre. Its abundant domestic oil production and extensive government subsidies help keep prices low. At the same time, cheap petrol encourages high consumption and adds pressure to government finances.
Venezuela occupies third place, with petrol costing approximately ₹3.32 per litre. The country holds some of the world’s largest proven oil reserves and has historically used subsidies to keep fuel affordable.
However, economic difficulties, refinery problems and periodic fuel shortages have complicated access to petrol in Venezuela. Low official prices therefore do not always guarantee easy availability.
Top 10 countries with the cheapest petrol
According to the figures cited in the report, the 10 countries and their approximate petrol prices are:
| Rank | Country | Petrol price per litre |
|---|---|---|
| 1 | Libya | ₹2.21 |
| 2 | Iran | ₹2.71 |
| 3 | Venezuela | ₹3.32 |
| 4 | Angola | ₹31 |
| 5 | Kuwait | ₹32 |
| 6 | Algeria | ₹33 |
| 7 | Turkmenistan | ₹40 |
| 8 | Egypt | ₹43 |
| 9 | Qatar | ₹54 |
| 10 | Bolivia | ₹56 |
Angola and Kuwait benefit from domestic oil resources
Angola ranks fourth, with petrol priced at approximately ₹31 per litre. As one of Africa’s major oil producers, the country has historically used government support to keep fuel affordable. However, it has gradually reduced fuel subsidies to ease pressure on public finances.
Kuwait follows in fifth place at around ₹32 per litre. Its substantial oil reserves and relatively low production costs help support lower domestic fuel prices. Government-regulated pricing also limits the extent to which international crude-oil fluctuations affect motorists.
Algeria ranks sixth, with petrol costing about ₹33 per litre. The country benefits from significant oil and natural gas resources, while state-controlled pricing helps shield consumers from some international market volatility. Maintaining subsidies, however, can place a financial burden on the government.
Turkmenistan, Egypt and Qatar feature in the list
Turkmenistan ranks seventh, with petrol priced at approximately ₹40 per litre. Its domestic refining capacity, energy resources and state-controlled economy contribute to relatively low fuel prices.
Egypt occupies eighth place at around ₹43 per litre. The country has historically subsidised fuel to make it more affordable for households. In recent years, however, the government has raised fuel prices as part of wider economic reforms.
Qatar ranks ninth, with petrol priced at approximately ₹54 per litre. Its substantial energy resources and relatively small population help support lower domestic fuel prices compared with many other markets. Government pricing policies also influence what motorists pay.
Bolivia completes the top 10, with petrol costing around ₹56 per litre. Government subsidies have helped keep prices comparatively low and protect households from some of the effects of inflation.
Why cheap petrol does not depend on oil reserves alone
The list demonstrates that domestic oil production is only one factor influencing the price motorists pay at the pump.
Governments can keep petrol prices low through subsidies, price controls and other policies that reduce the amount consumers pay directly. These measures can protect households from international price fluctuations, but they also create costs for public finances.
Subsidies may encourage greater fuel consumption and can become difficult to sustain when government budgets are under pressure. In some countries, the difference between subsidised domestic prices and prices elsewhere can also encourage fuel smuggling.
Other factors, including refining capacity, distribution costs, taxation and exchange rates, affect the final retail price. Consequently, countries with substantial oil reserves can still have higher petrol prices than countries that rely on government intervention to keep fuel affordable.
Why Saudi Arabia is absent from this list
Saudi Arabia is widely associated with oil production, but oil wealth alone does not automatically place a country among the 10 cheapest petrol markets.
Retail prices depend on domestic pricing policies, taxes, subsidies and the way international energy costs are reflected in the local market. The list cited by NDTV Profit places Libya, Iran and Venezuela at the top, followed by seven other countries with comparatively low prices.
The ranking is a snapshot based on the specified data date rather than a permanent measure. Changes in government policies, exchange rates and fuel costs can alter the order over time.
For consumers, the comparison illustrates how significantly petrol prices can differ across countries, even when many of them are major energy producers.