Cheapest gas prices in the world 2022

Gasoline prices, Octane-95, 07-Nov-2022: The average price of gasoline around the world is 1.31 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.

Gasoline prices, 07-Nov-2022
(litre, U.S. Dollar)

Note: The prices for the countries with a * are updated weekly. The data for the remaining countries are updated monthly.

Gas prices are an ongoing source of concern, frustration, and debate in the U.S., after topping $5 per gallon for the first time in the past week. But it’s hardly the only country facing a fuel crisis.

AAA reports the national average of a gallon of regular unleaded stands at $5 as of Friday morning, a slight decrease from earlier in the week as demand at the pump has started to wane. In California, residents are paying an average of $6.42.

But for people in Hong Kong, $5 or $6 per gallon would be a tremendous relief.

The price per gallon in U.S. dollars in that country currently stands at $11.35, according to globalpetrolprices.com, which tracks average prices around the world. Hong Kong holds the dubious honor of having the world’s most expensive gas at the moment.

The fact that consumers in other countries are paying even more doesn’t erase the financial pain Americans feel as they attempt to balance their budgets, of course. But it can help put things in perspective and show that the situation could certainly be worse. Here’s how prices stand, as of June 13. (All prices are in U.S. dollars for a gallon of gas.)

Hong Kong: $11.35
Norway: $10.22
Denmark: $10.04
Finland: $10.08
Greece: $9.49
Netherlands: $9.33
United Kingdom: $8.39
Spain: $8.35
France: $8.27
Italy: $8.01
Israel: $7.94
Germany: $7.65

Curious who else is in the $5 range? Australia, Chile, India, and Fiji are all in roughly the same place as the U.S. when it comes to gas prices.

Of course, some countries have it better—a lot better. You might think Saudi Arabia has the cheapest gas, but it stands at $2.35 per gallon there, well above other countries in the region. Here’s who has the cheapest gas on the planet.

Venezuela – $0.08
Libya: $0.12
Iran: $0.20
Syria: $1.08
Algeria: $1.19
Kuwait: $1.29

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Historically high gas prices in the United States have led to consumer complaints, political consternation and even some changes in tax policy, but a look at prices paid in countries around the world reveals that things could be worse. Gas prices in the United States are in the bottom half of a global measure, and the lowest for economically advanced countries.

The average price of a gallon of regular gasoline is $4.92 as of June 7, according to AAA, (opens in new tab) compared to $3.05 a year ago According to data from GlobalPetrolPrices.com, an energy data tracking company, gas prices in the U.S. ranked 70th among the 170 counties tracked, with Venezuela having the lowest gasoline prices and Hong Kong the highest. GlobalPetrolPrices updates its gasoline data weekly (sometimes monthly) and has a different U.S. price, $4.79 per gallon as of May 30.

Have a look at how the U.S. compares with other countries, and then we’ll discuss what factors contribute to differences between nations.

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Gas Prices Affected By Taxes, Oil Production

Nevin Valev, owner of GlobalPetrolPrices, says several factors influence the differences between countries, mainly whether countries produce oil and the amount of taxes they charge.

According to the Energy Information Administration, 56% of the price of gasoline in the U.S. goes toward paying for the oil, while 15% goes to taxes, 16% for distribution and marketing and 14% the cost of refining.

The U.S., Valev said, taxes gasoline at a low rate compared to other countries, mainly because people in the U.S. drive a lot and it wouldn’t be politically acceptable to tax at higher rates. On the other hand, countries like Denmark are smaller, and people drive shorter distances, so taxes and gasoline prices are much higher.

According to data from the U.S. Department of Energy, countries with lower gasoline taxes than the U.S. are Russia, Indonesia and Brazil. The highest gas taxes are in the United Kingdom, followed by the Netherlands and Turkey.

In the U.S., when the price of oil goes up or down 10%, the price of gasoline will change roughly 7%, while it will change just about 3% in Europe, where taxes are a larger portion — and the cost of oil a smaller portion — of the price.

Another general rule is that oil-producing countries can more easily subsidize domestic gasoline prices when oil prices are high. This doesn’t happen in the U.S., however, because the government doesn’t control the cost of oil or gasoline like countries that are members of OPEC (Organization of Oil Exporting Countries) countries do, Valev said. The same holds true for several other large oil producers, including Canada and Brazil. And in Norway, a major producer, fossil fuels used domestically are heavily taxed.

Country Gas Affordability Ranked

GlobalPetrolPrices also ranks global gasoline prices according to affordability and the cost of consumption for 119 countries. Affordability refers to the cost of filling a 40-liter tank (about 10.6 gallons) as a percentage of monthly income. The consumption ranking is how much income is actually spent on gasoline. In countries where people don’t drive much, the consumption percentage could be very low, even if the cost and affordability is high.

As of May 30, the U.S. ranked 85th globally in the amount of income spent (3.4%) on the gasoline people use and 4th in affordability with a tank of gasoline costing 0.9% of per capita monthly income.

In these rankings, the country with the highest prices, Hong Kong, ranks the lowest for the amount actually spent, with just 0.5% of income spent on gasoline. People in the West African country of Benin spend the most on gasoline or 11.2% of income.

The most affordable gasoline can be purchased by residents of Qatar, while gasoline is least affordable in Mozambique, where 40 liters of gasoline costs more than 129.7% of per capita monthly income. People in Mozambique don’t drive much, however, spending 5.5% of their income on gasoline.

GlobalPetrolPrices.com doesn’t have affordability and consumption rankings for Venezuela, which has a two-tiered pricing system. Venezuelans pay a subsidized price of 10 cents a gallon for the first 120 liters a month if they have a valid “fatherland card.” After 120 liters, the price goes to 50 cents. However, various media reports say gasoline can be difficult to get in Venezuela, and people can wait in line for hours.

Elaine Silvestrini has had an extensive career as a newspaper and online journalist, primarily covering legal issues at the Tampa Tribune and the Asbury Park Press in New Jersey. In more recent years, she's written for several marketing, legal and financial websites, including Annuity.org and LegalExaminer.com, and the newsletters Auto Insurance Report and Property Insurance Report. 

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