Last Updated on May 19, 2026 by Parikshit
Most of the people, whenever they go to fill petrol in their cars or bikes, often check the petrol price in their regions and always query to know which country has the lowest petrol price in the world. In India, the petrol price is around between ₹ 95 to ₹ 110 per litre depending on the different state. But do you know which country has the cheapest price in the world? Yes, it is there, and in Indian rupees, the cost of petrol per litre is up to only 2 rupees. It’s a surprise, I know. In this article, we will tell which country has the lowest petrol price in the world in 2026 and why it is so cheap in this country and also compare the price of petrol from India with some of the countries with the lowest prices. So, let’s explore this article with complete detail.
Which Country has the Lowest Petrol Price in the World?
Libya is the country that has the lowest petrol price in the world in 2026. According to the latest data from GlobalPetrolPrices of May 2026, the petrol price in Libya costs only about $0.024 per litre, and in Indian rupees, it costs only ₹2.268, which is almost 50 times cheaper than the petrol price in India. Libya is offering petrol at such a low price because the Government of Libya gives heavy subsidies on fuel because Libya, which is located in North Africa, has the largest crude oil reserve in Africa. That’s why Libya has the lowest petrol price in the world.
Top 5 Countries with the Lowest Petrol Price in the World (2026)
Here are the top 5 countries where petrol is the cheapest in the world right now:
| Rank | Country | Petrol Price (Per Litre) | In Indian Rupees (Approx.) |
| 1 | Libya | ~$0.024 | ~Rs. 2 |
| 2 | Iran | ~$0.024 | ~Rs. 2 |
| 3 | Venezuela | ~$0.013 (per litre equiv.) | ~Rs. 1 |
| 4 | Angola | ~$0.33 | ~Rs. 28 |
| 5 | Algeria | ~$0.36 | ~Rs. 30 |
Source: GlobalPetrolPrices.com, April-May 2026
All these countries are either large oil producers or have strong government subsidies on fuel.
Why is Petrol So Cheap in Libya?
Libya is a country in North Africa. It has one of the largest crude oil reserves in the whole of Africa. Because of this, the Libyan government can produce its own oil and sell petrol to its people at a very low price.
The main reasons why petrol is so cheap in Libya are the following:
- Big oil reserves: Libya has a huge amount of crude oil underground.
- Government subsidy: The government pays a large part of the cost so citizens pay very little.
- No heavy taxes: Libya does not put high taxes on petrol like many other countries do.
The global average petrol price as of May 2026 is around $1.52 per litre (about Rs. 127 per litre). Libya’s price is almost 60 times lower than this global average.
Why is Petrol Cheap in Iran and Venezuela Too?
Iran and Venezuela are also on the top list for the lowest petrol price in the world.
Iran keeps petrol prices very low through strong government price controls and subsidies. Even though Iran faces international sanctions, the government still manages to keep fuel very affordable for its people.
Venezuela has some of the largest proven oil reserves in the world. The government heavily subsidises petrol, which is why it costs almost nothing at the pump. However, Venezuela has also faced major economic problems in recent years.
How Much is Petrol in India Compared to These Countries?
India imports about 85% of its crude oil from other countries. This is why petrol prices in India are much higher. As of May 2026:
- Delhi: Rs. 97.77 per litre
- Mumbai: Rs. 106.68 per litre
- Kolkata: Rs. 108.70 per litre
- Hyderabad: Rs. 110.89 per litre
In India, the petrol price includes central excise duty, state VAT, dealer commission, and other charges. This is why petrol costs so much more here compared to oil-rich countries like Libya or Iran.
Key Facts About the Lowest Petrol Price in the World
- Libya’s petrol price of ~$0.024 per litre makes it the cheapest in the world as of 2026.
- The world average petrol price is about $1.52 per litre (GlobalPetrolPrices.com, May 2026).
- Countries with the cheapest petrol are mostly big oil producers in Africa and the Middle East.
- Countries with the most expensive petrol are mostly in Europe and small island nations.
- Hong Kong has one of the most expensive petrol prices in the world at around $16.93 per gallon in 2026.
- India pays high petrol prices mainly because it imports most of its crude oil and pays heavy taxes on fuel.
So now you know the answer. Libya is the country with the lowest petrol price in the world in 2026, at just about Rs. 2 per litre. This is possible because Libya has big oil reserves and the government subsidises fuel heavily.
For Indian readers, the difference is very big. We pay around Rs. 95 to Rs. 110 per litre because India imports most of its oil and also charges high taxes on petrol. Until India finds its own big oil reserves or reduces taxes on fuel, petrol prices in India will remain high compared to these oil-rich nations.
