The price of octane-95 gasoline is 0.15 Libyan dinar per litre, (about 53 South African cents), making it one of the cheapest in the world.
The price is determined by the National Oil Cooperation and it's subsidised by the government.
According to data website Logistics Capacity Assessment, the Brega Company, which works under the Libyan National Oil Corporation, is responsible for marketing the oil derivatives inside Libya through three companies – Alrahila, Sharara Oil Service Co and Oil Libya.
The three manage their own fuel stations in all the regions and cities of Libya, in addition to distributing and selling oil derivatives to the private and public stations, the vessels, aviation sector and the consumers from public corporations, economical units, factories, national and foreign companies.
Although Libya is an oil-producing country and has the largest oil reserves in Africa, most of the local market’s fuel is imported from the international market.
This occurs due to the internal conflicts and security situation in the country which causes frequent suspension of the oil field and oil refining works.
Diesel has not been available most of the time on the market since the beginning of 2018, according to research platform Logistics Capacity Assessment.org.
According to Statistics Time, Venezuela has the cheapest price of petrol in the world, at $0.02 (34 cents) a litre.
Among the countries with the top 10 cheapest fuel prices, five are in Asia, four in Africa and one in South America.
Hong Kong has the most expensive price – $3.03, followed by Norway.
IOL