Turkmenistan is one of the countries with the cheapest gasoline – IEA

Turkmenistan is one of the countries with the cheapest gasoline – IEA

The International Energy Agency (IEA) ranked Turkmenistan among the top ten countries with the lowest gasoline price in the world.

According to the IEA, world gasoline prices in 2019 decreased by 2% and averaged $0.91 per liter. The lowest values for last year were recorded in Iran – $0.24 per liter, and the highest were in Hong Kong ($1.97), where the first country is an exporter and the second is an importer with rather high taxes. It is noted that the fuel price is determined to a large extent by the state policy, for instance, a tax burden or subsidies.

According to the IEA, Algeria ($0.33 per liter), Turkmenistan ($0.43), Kazakhstan ($0.44), Indonesia ($0.45), Uzbekistan and Nigeria ($0.47), Egypt ($0.49), Malaysia ($0.5), Oman ($0.56), UAE ($0.58) and Venezuela ($0.6) are also the countries with the lowest gasoline prices.

The most expensive gasoline prices are in the Netherlands ($1.84 per liter), Norway ($1.78), Greece ($1.77), Italy ($1.76), Finland ($1.71), Sweden and Portugal ($1.67), Iceland ($1.63).

In general, the oil price in 2019 fell by 11% to be $40 per liter, and the diesel fuel price did not change much, amounting to $1.02 per liter.

In Russia, the gasoline price remains averagely at around $0.7 per liter. In the United States it is $0.79, while in Saudi Arabia, the third largest oil producer; it is $0.56 per liter.

International Energy Agency is an autonomous international body under the Organization for Economic Cooperation and Development (OECD). It includes 29 participating countries. It was established in Paris in 1974 after the oil crisis of 1973-1974. The main application goal of the organization is to promote international cooperation in the field of improving the global structure of supply and demand of energy resources and energy services.

The Agency focuses on energy security, economic development and environmental protection (including combating climate change). The IEA also promotes the use of alternative energy, especially its renewable sources, rational energy policies, and international energy cooperation.