Libya has ranked first globally for the lowest fuel prices, underscoring a sharp contrast in energy costs between oil-producing countries and high-cost markets. According to recent data, gasoline in Libya is priced at approximately $0.024 per liter, placing it well ahead of all other countries worldwide.
The figures show Libya leading other major oil producers. Iran comes second with fuel priced at around $0.029 per liter, while Venezuela ranks third at approximately $0.035. Even compared to other energy-rich nations such as Angola and Kuwait, Libya’s prices remain significantly lower, with fuel costing about $0.32 and $0.34 per liter in those countries.
The gap becomes even more striking when compared with the most expensive markets. In Hong Kong, where fuel prices are the highest globally, the cost of one liter reaches nearly $3.97. This means that the price of a single liter in Hong Kong is equivalent to more than 165 liters in Libya.
Libya’s low fuel prices are driven mainly by government subsidies and its status as a major oil producer. Fuel is supplied to the domestic market at heavily reduced prices, allowing consumers to benefit from some of the lowest costs worldwide despite fluctuations in international oil markets.
At the same time, this pricing structure presents economic challenges. Fuel subsidies place a burden on public finances and create incentives for smuggling, as large price differences with neighboring countries encourage illegal trade across borders. These issues have fueled ongoing discussions about the need for reforms in Libya’s energy sector.
Despite these concerns, Libya continues to maintain extremely low fuel prices, supported by its resource base and domestic policies. The country’s position at the top of the global ranking reflects both its oil wealth and its approach to pricing fuel for local consumption.