Kazakhstan's gasoline prices among the lowest globally, second in Asia
Kazakhstan has emerged as a significant player in the global and Asian fuel markets. According to the Cheapest petrol and diesel prices in the world ranking by rhinocarhire.com. Kazakhstan ranks twelfth globally with gasoline priced at $0.55 per liter, Kazinform News Agency correspondent reports.
In the Central Asian region, Kazakhstan takes second place, following Turkmenistan but ahead of Kyrgyzstan. Turkmenistan, with gasoline at $0.43 per liter, holds the top spot in Asia and eighth place globally. Kyrgyzstan, while not in the global top 10, ranks third in Asia with gasoline prices at $0.78 per liter.
Venezuela and Iran lead the global rankings, with gasoline prices at $0.04 and $0.03 per liter, respectively, due to extensive government subsidies. At $0.03 per liter, Iran offers the cheapest gasoline globally, supported by significant subsidies despite recent price hikes and rationing efforts. With gasoline at $0.04 per liter, Venezuela maintains the second-lowest prices worldwide but faces severe economic challenges due to hyperinflation and resource mismanagement.
Ranking third globally, Egypt offers gasoline at $0.28 per liter, benefiting from government interventions to keep prices low. Other countries in top 12 like Algeria, Kuwait, and Angola also feature prominently, benefiting from their substantial oil reserves to keep prices low. Malaysia and Nigeria leverage their oil production capabilities to offer affordable gasoline, whereas Bahrain and Bolivia maintain low prices through subsidies and controlled pricing mechanisms.
According to EnergyProm, in the first two months of this year, Kazakhstan saw a notable increase in fuel production of 899,800 tons of gasoline, reflecting a 3.1% rise from the same period last year. Diesel production also increased, reaching 857,200 tons, which is a 5.8% increase.
Regionally, Shymkent led gasoline production with 363,700 tons, despite a 1.5% year-on-year decrease. Pavlodar and Atyrau followed with 273,800 tons and 251,400 tons, respectively. Pavlodar also led in diesel production, with an impressive 337,600 tons, marking a 16.7% increase. Shymkent and Atyrau produced 246,900 tons and 238,400 tons of diesel, respectively. As of January, Kazakhstan's refineries nearly met the entire domestic demand, supplying 99.99% of gasoline and 98.3% of diesel.
In May 2024, Kazakhstan's Minister of Energy, Almasadam Satkaliyev, signed a decree setting new gasoline and diesel prices for foreign citizens. The decree caps retail prices at 89 tenge per liter for Ai-80 gasoline, 245 tenge per liter for Ai-92 and Ai-93 gasoline, and 315 tenge per liter for diesel. However, Ai-92 and Ai-93 prices remain at 205 tenge per liter for Kazakhstani citizens under certain conditions: up to 100 liters daily with a Kazakh driver's license or up to 300 liters daily with both a Kazakh driver's license and vehicle registration.
