And the world’s cheapest low-cost airline is…

This survey analyzed average one-way ticket prices (irrespective of distance though).

Average ticket price is based on one-way flights operated by stated airlines. The average prices were calculated from more than 3,220,000 prices of flights operated in the future (June 2014 and later) searched by WhichAirline.com u­sers.

Firefly came out first globally and Pegasus second.

While I'd prefer an analysis incl. all fees and on a CPM basis, this is great inspiration for finding discount airlines I have never heard of like Blue Panorama Airlines, Jazeera Airways or Onur Air.

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