What is the most expensive gas in the world

A price is expensive or cheap in relation to your purchasing power.

If the cost of gasoline in Switzerland seems at first glance “sky-high,” it is actually not when compared to the level of wealth in the country.

Hong Kong has the highest price in the world (US$2.98 per liter, US$11.28 per gallon). Still, it is not the most expensive for the standard of living of its population, according to the “gasoline affordability ranking” prepared by Global Petrol Prices, an energy data collection, and analysis project.

“There are oil-exporting countries, such as Qatar and Kuwait, that keep the price of fuel very low by subsidizing it, but there are also advanced economies, such as the United States and Australia, where fuel is more expensive but incomes are high,” explains Neven Valev, director of Global Petrol Prices and the Global Economy Project.

“At the other end of the scale are mainly poor countries. Gasoline there is not particularly expensive but the income level is very low,” he adds.

The energy crisis
As the world is in the midst of an energy crisis, the price of gasoline has become a central concern in most countries that must buy fuels on international markets to supply their local demand.

Countries with the least expensive gasoline for their population
In relation to the country’s GDP per capita

State of Qatar
Kuwait
Luxembourg
United States
Australia
The frenetic increase in the price of fuels such as oil, gasoline, diesel, and gas has shaken the global economy in the midst of an inflationary wave that is hitting household budgets hard and causing disruptions in the cost of credit (due to the rise in interest rates) and economic growth.

What has happened, Valev tells BBC Mundo, is that “the effect of the war in Ukraine added to the general trend of rising energy prices as the world economy recovered from the pandemic.”

Countries with the most expensive gasoline for their population.
In relation to GDP per capita

Mozambique
Madagascar
Republic of Malawi
Sierra Leone
Rwanda
While oil price swings on international markets affect the price of gasoline paid by consumers, the situation is very different in each country, depending on whether it is an oil exporting or importing nation, whether it has the capacity to refine crude oil, and other factors, such as the level of subsidies applied by governments.

Without considering affordability, another way to rank countries is directly by the cost per liter of gasoline, regardless of a nation’s income level.

From this perspective, Venezuela, Libya, Iran, Algeria, and Kuwait have the lowest prices.

On the other side of the scale, with the highest market prices, are Hong Kong, Iceland, Zimbabwe, Norway, and the Central African Republic.

Gasoline in Latin America
The affordability ranking compares gasoline prices in 150 countries, although not all Latin American countries are part of the list.

In the following list, we show you the countries of the region ordered from the nation where gasoline is the most affordable for its population to the one where the price is the most expensive for its inhabitants.

This list was elaborated considering the cost of filling a 40-liter tank of gasoline.

It should be clarified that the index uses the Gross Domestic Product (GDP) per capita as a measure to standardize income per person, which means that the calculation is not based on an analysis of the average monthly income received by individuals or households.

Historically high gas prices in the United States have led to consumer complaints, political consternation and even some changes in tax policy, but a look at prices paid in countries around the world reveals that things could be worse. Gas prices in the United States are in the bottom half of a global measure, and the lowest for economically advanced countries.

The average price of a gallon of regular gasoline is $4.92 as of June 7, according to AAA, (opens in new tab) compared to $3.05 a year ago According to data from GlobalPetrolPrices.com, an energy data tracking company, gas prices in the U.S. ranked 70th among the 170 counties tracked, with Venezuela having the lowest gasoline prices and Hong Kong the highest. GlobalPetrolPrices updates its gasoline data weekly (sometimes monthly) and has a different U.S. price, $4.79 per gallon as of May 30.

Have a look at how the U.S. compares with other countries, and then we’ll discuss what factors contribute to differences between nations.

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Gas Prices Affected By Taxes, Oil Production

Nevin Valev, owner of GlobalPetrolPrices, says several factors influence the differences between countries, mainly whether countries produce oil and the amount of taxes they charge.

According to the Energy Information Administration, 56% of the price of gasoline in the U.S. goes toward paying for the oil, while 15% goes to taxes, 16% for distribution and marketing and 14% the cost of refining.

The U.S., Valev said, taxes gasoline at a low rate compared to other countries, mainly because people in the U.S. drive a lot and it wouldn’t be politically acceptable to tax at higher rates. On the other hand, countries like Denmark are smaller, and people drive shorter distances, so taxes and gasoline prices are much higher.

According to data from the U.S. Department of Energy, countries with lower gasoline taxes than the U.S. are Russia, Indonesia and Brazil. The highest gas taxes are in the United Kingdom, followed by the Netherlands and Turkey.

In the U.S., when the price of oil goes up or down 10%, the price of gasoline will change roughly 7%, while it will change just about 3% in Europe, where taxes are a larger portion — and the cost of oil a smaller portion — of the price.

Another general rule is that oil-producing countries can more easily subsidize domestic gasoline prices when oil prices are high. This doesn’t happen in the U.S., however, because the government doesn’t control the cost of oil or gasoline like countries that are members of OPEC (Organization of Oil Exporting Countries) countries do, Valev said. The same holds true for several other large oil producers, including Canada and Brazil. And in Norway, a major producer, fossil fuels used domestically are heavily taxed.

Country Gas Affordability Ranked

GlobalPetrolPrices also ranks global gasoline prices according to affordability and the cost of consumption for 119 countries. Affordability refers to the cost of filling a 40-liter tank (about 10.6 gallons) as a percentage of monthly income. The consumption ranking is how much income is actually spent on gasoline. In countries where people don’t drive much, the consumption percentage could be very low, even if the cost and affordability is high.

As of May 30, the U.S. ranked 85th globally in the amount of income spent (3.4%) on the gasoline people use and 4th in affordability with a tank of gasoline costing 0.9% of per capita monthly income.

In these rankings, the country with the highest prices, Hong Kong, ranks the lowest for the amount actually spent, with just 0.5% of income spent on gasoline. People in the West African country of Benin spend the most on gasoline or 11.2% of income.

The most affordable gasoline can be purchased by residents of Qatar, while gasoline is least affordable in Mozambique, where 40 liters of gasoline costs more than 129.7% of per capita monthly income. People in Mozambique don’t drive much, however, spending 5.5% of their income on gasoline.

GlobalPetrolPrices.com doesn’t have affordability and consumption rankings for Venezuela, which has a two-tiered pricing system. Venezuelans pay a subsidized price of 10 cents a gallon for the first 120 liters a month if they have a valid “fatherland card.” After 120 liters, the price goes to 50 cents. However, various media reports say gasoline can be difficult to get in Venezuela, and people can wait in line for hours.

Elaine Silvestrini has had an extensive career as a newspaper and online journalist, primarily covering legal issues at the Tampa Tribune and the Asbury Park Press in New Jersey. In more recent years, she's written for several marketing, legal and financial websites, including Annuity.org and LegalExaminer.com, and the newsletters Auto Insurance Report and Property Insurance Report. 

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