Petrol prices around the world: A comparison

The price of petrol differs worldwide and is determined by several variables such as crude oil, tax, and subsidy. Petrol prices generally vary between highs in developed countries, and lows in developing nations.
The following table shows the average price of petrol in a selection of countries around the world, as of October 21, 2023:

Country	Petrol price (USD/liter)
Hong Kong	3.09
Singapore	2.89
Netherlands	2.34
Iceland	2.36
Sweden	2.32
Norway	2.29
Denmark	2.27
Finland	2.25
Germany	2.24
United Kingdom	2.18
United States	1.01
Canada	1.16
Australia	1.29
Japan	1.22
South Korea	1.32
China	0.96
India	1.16
Pakistan	1.15
Saudi Arabia	0.62
Venezuela	0.004

Hong Kong enjoys the highest fuel rates across the whole wide world, coming hand-in-hand with Singapore, then finally the Netherlands. In that case, countries with the highest petrol prices include Venezuela which is the highest of all the countries as well as the United States, Canada, and Australia with relatively low petrol prices.

However, many factors explain the price differences for crude oil/petroleum/petrol in various corners of the planet. The first is the price of crude oil. Petrol contains crude oil as its chief component whose rate varies greatly due to multiple reasons like supply, demand, politics, and even nature.

Additionally, this variance is determined by taxation and subsidy levels. In most countries, governments levy taxes on petroleum and use the resulting revenues for constructing roads and other social amenities. Other governments subsidize their petrol and this drives the petrol cost downwards for consumers.

Petrol price and degree of economic growth have a relationship as well. Overall, petrol costs tend to be higher in the developed nations as opposed to less-developed ones. Moreover, developed countries impose higher taxation on gasoline products making it costly, but their consumers are ready to do so.

The cost of transporting petrol also influences its price. Hence, in countries where petrol would have to be moved over a distance will most probably cost more than expected.

People may be affected greatly by varying worldwide petrol pricing differences. Countries with high petrol fees force people to spend more cash on transport and this further reduces their available income.5 It might, however, result in low consumer spending and therefore, lower GDP.

In several countries, governments are seeking ways to reduce petrol prices. Some governments are investing in alternative clean energy resources like solar and wind energies to diversify away from oil. Several other governments are offering subsidies for the purchase of petrol by the public at large.

However, it should be noted that petrol prices are variable and can be dependent on different elements. This article uses data obtained on October 21, 2023, and as such, facts may change later.