Are gas prices going up around the world? Which countries have the highest gas prices?
The cost of a gallon of gasoline has soared in the United States but Americans are not the only ones to experience pain at the pumps due to the Russian invasion.
Consumers in the United States have been experiencing significant price rises in recent months as the economic recovery outpaces the rate of wage increase.
Inflationary pressures and supply chain issues have seen the cost of many essential products rise considerably in the past six months, but the recent ban on Russian oil and gas has seen the price of gasoline rise even higher.
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However while the US has gone further than many other nations in implementing a complete ban of Russian oil, many of the principles underpinning the soaring cost of gasoline are being seen in countries across the world.
Which countries have the most expensive gasoline?
The war in Ukraine and economic factors related to the pandemic can be blamed for the steep rise in gas prices, but in most industrialised nations the cost of gas is also dictated in part by the high taxes levied upon fossil fuels. In the US the federal excise tax on gasoline is 18.4 cents per gallon, which is significant but still far lower that some other nations.
As it stands, Global Petrol Prices lists the following as the countries with the most expensive average gallon of gasoline in the world:
Hong Kong - $10.72
Norway - $10.19
Denmark - $9.09
Liechtenstein - $8.95
Sweden - $8.69
Netherlands - $8.65
Finland - $8.46
Israel - $8.36
Singapore - $8.30
Germany - $8.26
With a current national average of $4.33 per gallon, gasoline prices in the United States are far lower than many other nations who impose large taxes on fossil fuels to discourage their use. Norway in particular is notable because it is one of very few oil-producing nations which levies high taxes on gasoline.
Which countries have the cheapest gasoline?
While Norway looks to convert its economy to become independent of fossil fuels, many other oil-producing nations look to take advantage of the ready supply of a precious commodity by making it very cheap for citizens.
In Venezuela, Libya and Iran, all nations with considerable natural reserves of oil, the average gallon of gasoline costs just a few cents. Here’s the ten cheapest average gallons of gasoline in the world:
Venezuela - $0.10
Libya - $0.12
Iran - $0.19
Syria - $1.20
Algeria - $1.22
Angola - $1.28
Kuwait - $1.31
Russia - $1.41
Kazakhstan - $1.52
Nigeria - $1.52