Iraq retains 11th place in global fuel affordability ranking amid volatile energy markets
Shafaq News/ Iraq has successfully sustained its standing as the 11th most affordable country for gasoline prices worldwide, the latest update from Global Petrol Prices showed on Thursday.
Despite the turbulence of global energy markets, Iraq has managed to maintain stability in local gasoline prices at 514 cents per liter throughout April 2023, ensuring an enduring presence among the top-tier nations offering affordable fuel costs.
The study evaluating gasoline prices across 170 countries give Venezuela the lead as the most economical option, boasting a mere 16 cents per liter. The subsequent nations on the list were Libya, Iran, Angola, Algeria, Kuwait, Egypt, Turkmenistan, Malaysia, and Kazakhstan.
Iceland and Hong Kong dwindled at the bottom of the list with $2.353 and $2.942 per liter, respectively.
Iraq's position in this global hierarchy was bolstered last month following Nigeria's decision to hike its local gasoline prices to 558 cents per liter -slipping, as a result, to the 14th rank- down from its earlier pricing of 446 cents per liter.
The persistence of accessible gasoline prices in Iraq provides a crucial respite for the nation's motorists and commercial enterprises. Such affordability can potentially catalyze economic activity and expansion while alleviating financial pressures on the populace.
As countries navigate the capricious nature of international energy markets, the capacity to uphold reasonable gasoline prices, as demonstrated by Iraq, becomes increasingly vital for both economic stability and overall growth.
