Home to nearly a fifth of the world’s oil reserves, Saudi Arabia is the largest exporter of petroleum and a major player on the global energy stage. With 90 percent of its earnings coming from oil, it is hardly surprising that citizens only pay an average of around $0.127 per litre at the petrol pumps.
The list of the world’s cheapest petrol prices was compiled by British car insurance provider Staveley Head, with Venezuela taking the top spot, where prices only cost an average of $0.047 per litre.
With President Hugo Chavez keeping prices low, petrol is cheaper than bottled water in some parts of the South American country.
While four Gulf States are listed amongst the rankings, the UAE was notably absent. The news comes as Dubai-owned oil firm Enoc Group has been plagued by fuel shortages this year, with petrol pumps this summer forced to cease or ration resources.
The Staveley Head rankings found the Norway was the most expensive country for petrol, costing $2.6 per litre.
10 Algeria: Algiers — $0.317 per litre
60 percent of the country's income comes from its oil production and the North Africa state has the 14 largest oil reserves in the world. With around 11.8 billion barrels, no wonder the government can offer low fuel rates to its citizens in a bid to avoid Arab Spring type demonstrations.
9 Oman: Muscat — $0.317 per litreAround 600,000 barrels are produced here every day on average. But this oil rich economy is planning to expand further and invest $15bn in new petrochemical and infrastructure projects in the southeast of the country over the next 10 years. Simple put, this means even better news for Omanis at the pumps.
8 Egypt: Cairo — $0.30 per litreEgypt is believed to have around 4.3 billion barrels of oil reserves. While it may only be the 27 largest it in the world in terms of reserves, its low fuel charges easily put it in the top ten cheapest. However, how long the low fuel costs can last after the economic impact of the Arab Spring movement and how the new government performs remains to be seen.
7 Qatar: Doha — $0.238 per litre
As well as enjoying the highest income level per person in the world, Qataris also enjoy one of the lowest petrol rates in the world. Qatar’s wealth is not just confined to oil - its gas reserves are almost as big and the tiny Gulf state is the third biggest natural gas producer in the world.