Top 10 countries with cheaper petrol prices in November, 2024

The average price of diesel around the world is N1,973.51 in Naira per litre and 1.117 USD per litre worldwide.

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.

Iran tops the list with the cheapest petrol prices in November at $0.029 AND N48.146.

Below are the 10 nations with the lowest fuel prices in November 2024 according to GlobalPetrolPrices.com.

    Rank           Country            Fuel Price($)         Naira price (N)

1.           Iran                       0.029                   48.146
2.           Libya                     0.031                   51.577
3.           Venezuela             0.035                   58.910
4.           Angola                  0.329                   553.055
5.           Kuwait                   0.341                   574.257
6.           Egypt                    0.343                   576.688
7.           Algeria                  0.344                   578.873
8.           Turkmenistan       0.428                 720.601            
9.           Malaysia               0.460                  775.026 
10.         Kazakhstan            0.490                 824.318