Kuwait Ranks 7th in Global List of Cheapest Gasoline Prices
- Publish date: Friday، 07 February 2025
Kuwait has secured its place as one of the top countries with the cheapest gasoline prices worldwide, ranking 7th out of 170 countries analyzed by Global Petrol Prices. This makes Kuwait one of the top 10 countries offering the most affordable fuel, with prices at just $0.341 per liter.
Why is Gasoline So Cheap in Kuwait?
Kuwait’s position as a leader in cheap fuel comes down to a mix of factors tied to its oil-rich economy. The country possesses some of the largest crude oil reserves in the world, enabling it to produce fuel domestically at a low cost. With a vast network of efficient infrastructure for oil extraction and refining, Kuwait is able to keep production costs down. This, combined with its status as an OPEC member, ensures that Kuwait remains a key player in the global oil market, further stabilizing fuel prices.
Additionally, the Kuwaiti government heavily subsidizes fuel prices as part of its broader social welfare initiatives. This government support ensures that gasoline prices remain artificially low, benefiting both citizens and expats. Unlike many countries that use high fuel taxes to generate revenue or curb consumption, Kuwait has minimal to no gasoline tax, keeping the cost of fuel low.
Global Gasoline Prices: Where Kuwait Stands
According to the latest data, Kuwait ranks just behind Algeria, Egypt, and Libya, making it one of the most affordable countries for gasoline. Here’s a look at the countries with the lowest fuel prices as of February 2025:
- Iran: $0.029
- Libya: $0.031
- Venezuela: $0.035
- Angola: $0.328
- Egypt: $0.339
- Algeria: $0.340
- Kuwait: $0.341
- Turkmenistan: $0.428
- Malaysia: $0.467
- Kazakhstan: $0.473
On the Other Side: Countries with the Most Expensive Gasoline
While Kuwait enjoys some of the lowest gas prices, other countries have significantly higher fuel costs, mainly due to heavy taxes, limited domestic oil production, and environmental policies. As of February 2025, the countries with the highest gasoline prices per liter are:
- Hong Kong: $3.31
- Iceland: $2.34
- Monaco: $2.27
- Netherlands: $2.25
- Liechtenstein: $2.23
- Norway: $2.21
- Denmark: $2.18
- Switzerland: $2.18
- Greece: $2.15
- Italy: $2.11
Factors That Influence Gasoline Prices
Gasoline prices can fluctuate based on several factors. In countries with high prices, taxation plays a key role, as governments impose significant fuel taxes to generate revenue and address environmental concerns. Countries with limited domestic oil production also tend to have higher prices due to reliance on imported fuel.
On the other hand, countries like Kuwait benefit from their vast oil reserves and low extraction costs. Government subsidies and minimal taxes further lower the price of gasoline, making it one of the most affordable in the world.
