10 Countries With Cheapest Petrol Prices

6. Libya

Price per litre: 13.15

Monthly cost: 1586.89

Oil reserves in Libya are the largest in Africa and the fifth largest in the world with 76.4 billion barrels as of 2010. Oil production was 3.1 million barrels per day as of 2010, giving Libya 77 years of reserves at current production rates if no new reserves were to be found. Libya is considered a highly attractive oil area due to its low cost of oil production (as low as $1 per barrel at some fields), and proximity to European markets.
Maintaining production at mature fields, while finding and developing new oil fields is a challenge for Libya.

5. Bahrain

Price per litre: 13.15

Monthly cost: 1586.89

Oil was discovered in Bahrain in 1932 (the first in the Arabian side of the Gulf). In recent decades, Bahrain has sought to diversify its economy and be less dependent on oil by investing in the banking sector and tourism. The majority of Libyan oil is exported to European markets. 11 percent or 403 million barrels of oil imports to the European Union in 2010 came from Libya, making it the third biggest importer behind Norway and Russia.