According to the Global Oil Prices Observatory, the average price of petrol in the world is 1.30 dollars per litre. However, there is a substantial difference in these prices between countries. As a general rule, richer countries have higher prices, while poorer countries and those that produce and export oil have significantly lower prices.
Price differences between countries are due to various taxes and subsidies on gasoline. All countries have access to the same oil prices on international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different.
The highest prices for 95 octane gasoline are recorded in:
- Hong Kong ($3,101 per litre)
- Monaco (US$2,353)
- Iceland (USD 2,325)
- Denmark ($2,114)
- Netherlands ($2,085)
- Israel (2,065 USD)
- Norway (2,052 USD)
Countries with the highest prices according to global gasoline prices:
On the other hand, the lowest price of gasoline is recorded in fuel-producing countries such as Iran (0.029), Libya (0.031), Venezuela (0.035), Algeria and Kuwait (both with 0.342), Angola (0.362) and Egypt ( 0.403)
Countries with low prices according to global gasoline prices:
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(With information from globalpetrolprices.com and Bloomberg)
2024-01-08 07:29:51
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