Which countries have the cheapest and most expensive gas prices? (2024)
The Russian invasion of Ukraine last year sent commodity prices upside down. Many things were impacted: wheat, fertiliser, and especially oil. This sent gas prices hurtling upwards, reaching peaks in the US of $5.02 per gallon on 14 June, 2022.
While people living in the US thought they had it bad, and in relative terms they did, other countries around the world were affected more. Despite prices decreasing wholesale in 2023, there are still many countries with prices far outstipping the US.
The most significant factor influencing gas prices globally is the price of crude oil; the primary raw material. Changes in global oil supply and demand, geopolitical tensions, production disruptions, and OPEC (Organization of the Petroleum Exporting Countries) decisions all impact crude oil prices, which in turn affect gas prices. OPEC recently made a deal to restrict oil production, which has been linked to the creeping up of gas prices in the last month.
Which countries have the cheapest gasoline?
Using the same website as a measure, these are the top ten nations with the cheapest gasoline per US gallon.
Why do these countries have such cheap fuel? For one, they all have vast oil reserves. Alongside this, the three cheapest of Venezuela, Libya, and Iran, all have difficulties exporting their produce, either through war or sanctions imposed by the US. This means more of the fuel is available for public consumption and isn’t exported.
Residents of Hong Kong pay the highest international gas prices, with 1 gallon setting them back $11.43. Iceland comes in second at $8.91 per gallon, followed by Monaco at $8.49 per gallon. At the other end of the spectrum, Venezuelans pay just 1.6 cents for a gallon of gas, the cheapest price on the planet.
The reason for Norway's high fuel cost is largely down to punitive taxes places on fuel by the country's government. These levies cover sales tax, road tax to maintain infrastructure, and a carbon tax.
By contrast, natural gas prices in Europe were about five times higher than those of the U.S. Prices across the European continent tend to be notably higher than those in the U.S. as the latter benefits from being a major hydrocarbon producer.
According to data from PEMEX and other consulting firms, the average price of Magna gasoline in Mexico during 2023 was MX$22.08/L (US$1.30/L), which is 120.8% above the promised amount set by President López Obrador.
The most expensive gas in the US is at this California station at nearly $10 a gallon: Gas Buddy. A gas station in Mendocino, Northern California, is now charging nearly $10 a gallon. According to GasBuddy, it's the most expensive gas in the US.
California has the highest price of gas, with an average of $4.83 per gallon of regular gas. Table with 4 columns and 5 rows. Per gallon of regular gas.
A map of the United States showing the metro regions with the cheapest and most expensive regular gas prices on June 21, 2023. Hattiesburg, Miss. had the cheapest price at $2.93 and Tacoma, Wash. has the most expensive price at $4.94.
With 43 percent of its gasoline imported, Iran is the world's second largest gasoline importer. Iran's petrol is heavily subsidized, sold at about a fifth of its real cost. The price of 1,000 rials ($0.11) per liter makes Iran one of the cheapest countries in the world for motorists.
Introduction: My name is Corie Satterfield, I am a fancy, perfect, spotless, quaint, fantastic, funny, lucky person who loves writing and wants to share my knowledge and understanding with you.
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