Gasoline prices, Octane-95, 26-Sep-2022: The average price of gasoline around the world is 1.27 U.S. Dollar per litre. However, there is substantial difference in these prices among countries. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the U.S. which is an economically advanced country but has low gas prices. The differences in prices across countries are due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different. Use the drop menu to see the prices in gallons. Show Gasoline prices, 26-Sep-2022 Note: The prices for the countries with a * are updated weekly. The data for the remaining countries are updated monthly. NEW YORK (CNN/Money) � Gasoline prices in the United States, which have recently hit record highs, are actually much lower than in many countries. Drivers in some European cities, like Amsterdam and Oslo, are paying nearly 3 times more than those in the U.S. The main factor in price disparities between countries is government policy, according to AirInc, a company that tracks the cost of living in various places around the world. Many European nations tax gasoline heavily, with taxes making up as much as 75 percent of the cost of a gallon of gasoline, said a spokesperson for AirInc. In a few Latin America and Middle-East nations, such as Venezuela and Saudi Arabia, oil is produced by a government-owned company and local gasoline prices are kept low as a benefit to the nation's citizens, he said. All prices updated March, 2005.
Source: air-inc.com More on gas prices »»
The cost of crude oil is the largest component of the retail price of gasoline or petrol. Recently, the price of WTI crude oil has been $110-$111 a barrel. In the worldwide oil industry, an oil barrel is defined as 42 U.S. gallons, which is about 159 liters. This calculates the price of crude oil to $0.69-$0.70 per liter. Taxes and subsidies, cost of refining and transporting, commission, etc., are included in retail price. The average price of gasoline around the world is 1.47 U.S. Dollars per liter. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. The differences in prices across countries are mainly due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. Out of the 168 countries/regions listed, 32 have a price below 1 USD dollar. Fifty-nine have between $1.00-$1.50, 44 have between $1.50-$2.00, 32 have between $2.0-$3.0, and one have over $3. Prices are as per the date 27 Jun 2022. Venezuela has the cheapest price, just $0.02 per liter, followed by Libya ($0.03) and Iran ($0.05). Among the top ten cheapest, five countries are located in Asia, four in Africa, and one in South America. Hong Kong has the most expensive price of $3.03, followed by Norway. Qatar is among the top 10 richest economies but has low gasoline price below $1. Even developed country USA and Australia have a price below $1.5. Prices are high in European nations as only three countries have less than one dollar. Azerbaijan has the lowest rate in Europe. Other three having below $1 are Russia and Belarus. 44 out of 47 European countries have a price above $1. This figure is 24 out of 39 in Asia, 33 out of 42 in Africa, 22 out of 24 in North America, 8 out of 12 in South America and 4 out of 4 in Oceania.
Petrol prices in USD, EURO and INR
Petrol prices and GDP per capita
What country has the highest gas prices in the world?If the cost of gasoline in Switzerland seems at first glance “sky-high,” it is actually not when compared to the level of wealth in the country. Hong Kong has the highest price in the world (US$2.98 per liter, US$11.28 per gallon).
What are gas prices around the world?Sign up for Kiplinger's Free E-Newsletters. What country has the cheapest gasoline right now?Cheapest Gas Price by Country in 2022. Venezuela. Venezuela, while overall a rather impoverished nation, is rich in oil reserves and fossil fuels, and uses that particular wealth to provide their people with virtually free gasoline. ... . Libya. ... . Iran. ... . Algeria. ... . Kuwait. ... . Angola. ... . Turkmenistan. ... . Nigeria.. |