Do you know how much it costs to fill up your tank in Venezuela? How about in Norway? No? Well, that’s OK — most of us don’t. But if you’re curious, we’ve got you covered. We’ve made a concise list of gas prices around the world with all the relevant answers.
Buckle up — this is going to be interesting.
Gas Prices Worldwide (as of May 30, 2022)
|Country||Price of One Gallon|
Stats and Facts About Gas Prices Around the World
Here’s how gas prices compare globally:
1. The average gas price in the US is $4.87 per gallon as of June.
If you’re planning to hit the road this summer, you’re likely striving to save money on gas.
This is becoming an increasingly difficult task, considering that the average gas price in the US reached a new record, a few cents shy of $5.00 per gallon. What’s more, experts believe that the average price of gas in the US could surpass the $6.00 mark by the end of summer.
2. Hong Kong is the region with the highest gas prices in the world — $11.20 per gallon.
(GlobalPetrolPrices.com) (LA Times)
In Hong Kong, the government imposes a gas tax of 33%, which helps pay for public transit and other infrastructure projects.
Other countries with some of the world’s highest gas prices include Singapore, a major financial center in Asia, and numerous Western European nations, including the Netherlands, Finland, Norway, Denmark, and Greece, all of which have gasoline prices greater than $8.00 per gallon.
3. Venezuela has the cheapest gas prices in the world.
In Venezuela, you’ll pay only $0.08 per gallon. This is due to the country’s subsidies on gas, which were put in place by former President Hugo Chávez.
Other countries that offer cheap gas include Libya ($0.12 per gallon), Iran ($0.20 per gallon), Syria ($1.08 per gallon), Algeria ($1.20 per gallon), and Kuwait ($1.30 per gallon).
4. California is the state with the highest regular gas price.
The Golden State currently sells the most expensive gas in the US at $6.06 per gallon, followed by Hawaii ($5.35), Nevada ($5.23), and Washington ($5.18). On the other hand, Oklahoma is the state with the cheapest gas prices in the US — $4.03 per gallon.
5. Belarus has the cheapest gas in Europe.
Gas prices in Belarus, standing at $2.62 per gallon, are nearly twice as low as the global average — $5.13 per gallon. Other countries with the lowest gas prices in Europe include Russia and Hungary, with $3.03 and $4.99 per gallon, respectively.
6. Norwegians pay the highest gas prices in Europe — $10.70 per gallon.
But why is gas so expensive in the land of the Vikings?
The answer is simple — because of the high gas taxes. Norwegian oil companies have to pay ordinary petroleum tax (of 27%) and an additional special tax (of 51%).
7. Gas prices in the UK stand at $8.17 per gallon.
Gas prices in the UK have increased by a whopping 335% in the last year. The main reasons behind the increase are the lack of gas supply and Russia’s invasion of Ukraine.
8. The global natural gas price index stands at a record high of 463.09 points.
Statista’s world gas prices graph suggests that the global natural gas price index began climbing in 2021 when it amounted to 256.68 points.
However, this doesn’t mean that the increase in 2022 was steady.
Recently, the situation has worsened (mainly due to an increase in electricity demand, a consequence of the Russia-Ukraine war), so the gas price index dropped from 559.04 points in March to 463.09 points in April.
While it seems like Americans are constantly paying more at the pump, we don’t even make it into the top 10 for the most expensive gasoline in the world. In fact, our neighbors in Canada have higher fuel costs than we do.
However, if you’d want to get the cheapest gas in the world, you’d have to look farther than the neighboring countries and go all the way to Venezuela.
What country has the highest gas prices?
Hong Kong residents have the most expensive gas in the world. They have to pay an average of $11.20 for a gallon of gas.
Next in line are Norway ($10.70), Denmark ($10.02), Finland ($9.64), and Iceland ($9.47). The US and Canada stand in the middle, with $4.79 and $6.49 per gallon.
What country has the cheapest gas?
If you live in Venezuela, you’ll pay the lowest price per gallon — $0.08. Other countries with cheap gas include Libya ($0.12), Iran ($0.20), Syria ($1.08), Algeria ($1.20), Kuwait ($1.30), Angola ($1.44), and Nigeria ($1.57).
Are gas prices going up around the world?
Yes, gas prices have risen considerably worldwide as a result of the oil price increase. Many factors contributed to this jump, but the most significant one is Russia’s invasion of Ukraine.
As you may know, Russia is a major exporter of oil, and many countries are considering removing Russian oil from their intake. This move will leave a deep impact on global gas prices.