What makes any automobile run? Tyres... A few might argue. But the ones your engines need, to quench their thirst is gasoline. Well right now, we have alternatives like electricity, but I am pretty sure it will take at least another 10 years for them to be as popular as fossil fuel-run vehicles. Lets take a look at the cheapest gas prices in the world without any further adieu.
5. Saudi Arabia
Right off the bat, we have an Arab country on the list and not surprising that it has very less gas prices. There are in total 20 million cars and many other active automobiles in Saudi Arabia so there is a very good demand of fuel as well. It's just $0.91 per gallon here which is just 1.72 percent of the daily wages spent on fuel.
A small European country guarded by its big mates like Germany and France, Luxembourg is a little off the automobile radar. Though the gas price there is around $4 per gallon.... The GDP of Luxembourg is so high that you might only spend 1.66 percent on the gas. So they don't feel the pinch. It is also the second richest country in the world based on GDP per capita.
3. United States of America
Well, of course can we forget our own dear Uncle Sam?? United States of America being a world leader also plays its game in determining the gas price. Its approximately $2.7 per gallon and is also the third biggest automobile market in the world after China and India. This price is around 1.72 percent of daily wages, just a little higher than Luxembourg.
Another important player in the Arab nations, Kuwait is one of the largest exporters of petroleum and this accounts to 95% of the country's income. A small demand indeed but its just around $0.88 per gallon which is 1.2 percent of the daily wages.
I myself was personally astonished when I came to know that Venezuela has the cheapest oil prices. If you dive deep into Venezuela's oil history you will get to know that even Venezuela gets 95% of its income from exporting petroleum. And this country being comparatively closer to the United States makes it its largest importer and thus reduces the price of oil in the US as well. The best part, the oil price is just, and I'm not kidding... just 0.02 dollars.
Article by- TheGenuine Petrolhead