Top 10 countries with cheaper fuel prices in April 2025

The price of octane-95 fuel is N839 per litre. For comparison, the average price of fuel in the world for this period is N2035.40. 

However, there is a substantial difference in these prices among countries. 

Generally, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. 

The differences in prices across countries are due to the various taxes and subsidies for diesel, as all countries have access to the same petroleum prices of international markets, but then decide to impose different taxes. 

Cheaper petrol means lower operational costs in businesses like shipping, manufacturing, and agriculture, which boosts profitability and encourages expansion.

Libya tops the list with the cheapest petrol prices in April at $0.027 AND N43,970. 

Below are the 10 nations with the cheapest fuel prices in April 2025 according to GlobalPetrolPrices.com.

1. Libya

In Libya, fuel costs $0.027 per litre (43.970 Naira).  The country’s abundant oil reserves and subsidised energy policies keep fuel highly affordable. Despite political instability, Libya continues to leverage its resources to provide low-cost energy for its population.

2. Iran

Iran boasts the world’s cheapest fuel, priced at just $0.029 per litre (45.859 Naira), making it the second cheapest in the world. This ultra-low cost reflects the country’s vast oil reserves and heavy government subsidies aimed at maintaining affordable energy for its citizens. However, the subsidies pose significant fiscal challenges, particularly amid international sanctions and economic difficulties.

3. Venezuela

Venezuela offers fuel at $0.035 per litre (56.111 Naira), ranking among the world’s cheapest. This affordability is due to the country’s vast oil resources and government price controls. However, years of economic turmoil and hyperinflation have made it challenging to sustain these subsidies, with occasional fuel shortages impacting citizens.

4. Angola

In Angola, fuel is priced at $0.327 per litre (524.200 Naira). As a leading oil producer in Africa, the country benefits from domestic production, enabling relatively affordable fuel. Nevertheless, the government faces challenges balancing subsidies and revenue generation, especially as it seeks to diversify its economy.

5. Kuwait

Fuel in Kuwait costs $0.343 per litre (549.678 Naira). As a major oil exporter with one of the world’s highest GDPs per capita, Kuwait maintains low fuel prices as part of its welfare policies. Its substantial oil reserves ensure a stable domestic energy supply, further supporting its low-cost structure

6. Algeria

Algeria offers fuel at $0.347 per litre (557.094 Naira). As a significant oil and gas producer, Algeria uses subsidies to make energy affordable for its citizens. However, the government faces pressure to reform its subsidy system to address fiscal constraints and promote economic diversification.

7. Egypt

At $0.374 per litre (599.621 Naira), Egypt’s fuel prices reflect its dual role as a producer and consumer of petroleum. Although the government has implemented subsidy reforms in recent years, fuel remains relatively affordable, ensuring energy access for its large population while supporting economic growth

8. Turkmenistan

Turkmenistan sells fuel at $0.428 per litre (686.370 Naira). The country’s energy sector benefits from substantial natural gas reserves, and fuel prices remain low due to state subsidies. However, economic isolation and limited export diversification pose long-term challenges.

9. Malaysia

In Malaysia, fuel costs $0.474 per litre (759.447 Naira), making it one of the most affordable globally. Its government uses a managed float system supported by local oil production to regulate prices. Though subsidies are limited, Malaysia balances cost and fiscal responsibility. This approach helps to shield consumers from global oil price shocks.

10. Kazakhstan

Fuel in Kazakhstan costs $0.478 per litre (766.851 Naira). With vast oil reserves, the country maintains low prices through state control and local refining. This keeps energy affordable, especially in rural and industrial areas. However, infrastructure gaps and limited market reforms remain ongoing challenges.