Gasoline prices, Octane-95, 09-May-2022 : The average price of gasoline around the world is 1.35 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. Above are the top 5 highest and lowest gas prices per country, with the US thrown in as a benchmark.
Source: Global Petrol Prices
Given the global rise of inflation and supply chain issues, gasoline prices have increased worldwide.
While it may be difficult to determine where they have gone up the most, the options in the Factle trivia game should provide clues.
For example, ten of the 23 options included some of the biggest oil & gas/energy producers and exporters in the world (e.g., Saudi Arabia, Qatar, Nigeria, Libya, Venezuela, Iran etc.) and consequently will enjoy low gasoline prices despite the current environment.
It seems European countries dependent on oil imports, and some emerging markets that are not energy producers (e.g., Central African Republic), are suffering the most.