The Russian Invasion of Ukraine has resulted in a rise in commodities’ prices in many countries, including gasoline.
Statista, a global platform that analyzes market and consumer data, created a chart to compare rising gas prices around the world. Statista used data from Global Gas Prices, which analyzes several independent sources for each nation, such as the Ministries of Energy, Transport, or Commerce; automobile associations; petroleum monopolies; consumer advocacy groups; international fuel companies; multilateral organizations; and local media.
Taxes are making up a big portion of the gas price in most industrialized countries, meaning that nations taxing gasoline at lower rates—such as the United States—are still seeing lower gas prices in comparison. Even though people in the United States are paying between $4 to $5 per gallon, they are actually paying much less to fill up their tank in comparison to people living in other industrialized nations, including Brazil, Australia, Hong Kong, South Africa, and European countries.
People living in Western European countries are paying up to $6 per gallon due to the high dependency on Russian oil. In Europe, the highest prices for gasoline are found in the Netherlands, Norway, Denmark, Finland, Italy, Germany, and Liechtenstein. In Germany, prices have reached as high as $9.12 per gallon, making it one of the most expensive European nations. In Norway, the elevated gas cost is attributable to high gas taxes the Nordic country added in an attempt to become fossil-fuel independent.
Globally, it’s Hong Kong that recorded the highest gas price at $10.90 per gallon. Other parts of Asia seeing high prices are India, China, Japan, South Korea, and Thailand. In Africa, the highest prices were recorded in Zimbabwe and the Central African Republic.
According to the data set from Global Petrol Prices, the prices are in constant change. As of March 26, the 10 most expensive countries for a US gallon of gas are the following:
- Liechtenstein — $8.628 per gallon
- Germany — $8.705 per gallon
- Italy — $8.749 per gallon
- Finland — $8.810 per gallon
- Denmark — $8.838 per gallon
- Zimbabwe — — $8.907 per gallon
- Monaco — $9.439 per gallon
- Norway — $9.454 per gallon
- Netherlands — $9.782 per gallon
- Hong Kong — $10.904 per gallon
On the other side, the 10 least expensive countries are the following:
- Venezuela $0.095
- Libya $0.122
- Iran $0.194
- Syria $1.195
- Algeria $1.218
- Kuwait $1.308
- Angola $1.328
- Nigeria $1.515
- Kazakhstan $1.547
- Turkmenistan $1.621