The good news first: The U.S. is not the country with the highest gas prices in the world (although at times of crippling, surging inflation, it might feel as if it is). In fact, the country hovers in the middle of a list comparing gas prices around the world, according to Global Petrol Prices, a website that tracks the retail price of gas across 150 countries. At $5.037 per gallon (as of June 6), gas is cheaper than in over 90 countries including Norway and China, and more expensive than in over 70 others. Gasoline prices are an unbeatable $0.084 per gallon in Venezuela, the country that boasts the biggest oil reserves in the world. The Latin American country is followed by Libya ($0.119) and Iran ($0.202). On the other hand, gas prices are at their highest in Hong Kong, at $11.213 per gallon, followed by Norway ($10.820), Denmark ($10.321) and Finland ($10.125). The price of gas in those countries does not necessarily reflect the economic conditions and purchasing power of people living there. In Venezuela, for example, the average salary has been plummeting in recent years under the regime of President Nicolas Maduro. According to FAVENPA, Venezuela's Cámara de Fabricantes Venezolanos de Productos Automotores (Chamber of Venezuelan Vehicle Manufacturers), in early 2021 the country was only able to supply gasoline to half of the country's 4.1 million vehicles. A total of 4.1 million vehicles owned by a population of 28.44 million in Venezuela pales in comparison to car ownership in the U.S., with 276 million vehicles registered as of 2021, according to the U.S. Department of Transportation, for a total population of 332.4 million as of January 2022. The sky-high price for gas paid by Hongkongers can be explained by a combination of factors. The surging cost of land on which petrol stations are built is considered to have been fueling gas prices, added to import cost, government duties and all other expenses necessary to keep a pump working. Norway, on the other hand, is another country like Venezuela blessed with vast oil reserves. And yet it pays more than almost all other countries in the world for gasoline. The price squeeze at the pumps has been triggered by soaring crude oil prices and the war in Ukraine, causing the Nordic country to experience unprecedented prices. The country luckily does not depend on energy imports, setting it aside from other countries in Europe that are now struggling with bans on Russian imports imposed as a punishment for Moscow's invasion of Ukraine. But the surge in gas prices is affecting those Norwegians who need a car every day. Despite being somewhere in the middle of the highest and lowest gas prices in the world, gas prices in the U.S. are currently at a record. The situation is expected to get more dire as more people travel by car across the country in the summer, likely fueling a surge in demand and prices. The U.S. is not the only country struggling. On Wednesday, the average cost of filling up a typical family car in Britain rose to a record $125, the Associated Press reports.
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.
Motorists are everywhere. Driving a car is often the most convenient way to go where you gotta go, whether you’re in Bondi, Bamako, or Bangkok. So, while a select few countries monopolise the fuel extraction industry, the price of gasoline and diesel varies from country to country, depending on affordability, availability, and local taxes. And these fuel prices have yo-yo’d dramatically since the pandemic hit, as Budget Direct reported in our guide to fuel prices all around Australia. So, now we’re taking the study globally. The cost of gas and diesel worldwide has been indexed for an up-to-date picture of prices and affordability in every country where data is available. We also show the price of fuel across key US, UK, and European cities. Vroom vroom!
Our interactive map shows the price and affordability of gasoline and diesel around the world. Click the tabs at the top to switch between fuel types and price/affordability. You can change the currency using the tabs on the top-right of the map itself.
Tax on fuel is high in Europe, in many cases to fund environmental initiatives and discourage motoring. It is a big leap from the US, China, and Russia - fossil fuel subsidies across these three countries amount to around US$900 billion annually. These are countries where driving is a more necessary means of transport but also where the government wants to encourage local energy production to strengthen its isolationist positioning. The least affordable fuel is mostly found across Africa. This is due to a low average income rather than the cost, which is moderate. The most affordable fuel is found in high-income, low-cost Middle East countries, including United Arab Emirates, Kuwait, and Qatar. The US is the fourth-most affordable market for gas and diesel, and Australia has the sixth (gasoline) and eighth (diesel) most affordable fuel.
There is significant variation in fuel costs across the UK, mostly due to supply and demand in each area. The UK gasoline (i.e. petrol) market is skewed by the dominance of supermarket fill-up stations. The big stores use low fuel prices to attract motorists making their weekly “big shop.” This means that the UK’s famous north-south divide doesn’t play a major part in the gasoline price disparity. The top 5 most expensive cities range from the south coast (Southampton) to Scotland (Edinburgh).
The most expensive UK cities for diesel are not much different from the gasoline top-hitters, for the reasons described above. Southampton is the most expensive for diesel as with gasoline. Historically, diesel and gasoline have been subject to similar levels of taxation in the UK, whereas much of Europe taxes gasoline higher than diesel.
Everybody knows San Francisco is expensive. And SF comes out top for the most expensive gasoline and diesel, too. In fact, California dominates the charts for both fuel types, with America’s priciest fuel and gasoline found in SF, San Jose, Los Angeles, Sacramento, San Diego, and Fresno.
The cheapest cities in America are also consistent across diesel and fuel. Yes, they’re in Texas, America’s oil state. Fort Worth, Dallas, and San Antonio all boast gas at under 65¢ per litre and diesel under 60¢. However, the state’s tough winter is having a knock-on effect on prices within Texas and beyond.
Helsinki (Finland) and Paris (France) are in the top three for gasoline and diesel prices alike. But Europe’s priciest city for gasoline – Amsterdam (Holland) – is only the sixth most expensive diesel city. The Dutch emphasis on environmental initiatives is what keeps the cost of both fuel types high across Holland.
Sweden’s capital, Stockholm, takes top place for cost of diesel, at €1.45 (US$1.71) per litre. Stockholm has a city-wide environmental zone, which includes bans on vehicles with high emission levels. Diesel is subject to high taxation, which, coupled with a weak krone, has seen prices rise and emissions fall. The cost of gasoline and diesel is not just economic but also the toll these fossil fuels take on the world. Bargain gas is always a happy find for the eager driver – but why not try putting those savings towards less environmentally destructive modes of transport?
Neomam Studios, on behalf of Budget Direct collected this data about gasoline and diesel prices in February 2021. Then the affordability of gasoline and diesel was calculated as a percentage of the costs of 80L of fuel to the average monthly salary. Income per capita data was taken from the World Bank. The cost to fill one of the most popular cars in every region (Ford F-150 for the United States; Ford Fiesta for the United Kingdom and Volkswagen Golf for Europe) was also calculated for your interest. This information is general in nature only and does not constitute legal advice. While Budget Direct has endeavoured to ensure the information provided is accurate and current, we do not guarantee it. Budget Direct accepts no liability for this information. |