Venezuela has emerged as the country with the second cheapest petrol in the world, selling fuel at just $0.025 per litre (around Rs. 8.4). Only Iran offers slightly lower prices, while Libya also ranks among the most affordable fuel markets. The low cost of petrol in Venezuela is largely due to the country’s vast oil reserves and heavy government subsidies.
Despite the low prices, Venezuela continues to face economic challenges. Hyperinflation and supply shortages affect the availability and distribution of fuel across the country. These issues sometimes limit access for citizens, even though petrol remains extremely cheap compared to global standards.
Other countries offering affordable fuel include Angola, Egypt, Algeria, Kuwait, Turkmenistan, Malaysia, and Kazakhstan. In comparison, Pakistan ranks 36th worldwide, providing fuel at relatively lower prices than its neighbor India, which stands at 73rd globally. This shows that while Pakistan’s petrol is affordable regionally, it is still far higher than Venezuela’s heavily subsidized rates.
The impact of such low fuel prices is significant. Affordable petrol reduces the cost of daily commutes, transportation, and logistics, helping families and businesses manage expenses. It also supports mobility for millions of people who rely on vehicles for work, education, and trade.
Experts, however, caution that extremely low prices may not be sustainable in the long term without strong government support or stable oil revenues. Venezuela’s example highlights the balance between providing citizens with affordable energy and managing economic realities, a challenge faced by many oil exporting countries.
