Here's How Much a Gallon of Gas Costs Around the World
Pumped Up Prices
U.S. gas prices have crept up some 17 cents in the past month, and many Americans are none too happy about the current cost to fill their tanks. Although gas prices have increased significantly over the years, the United States doesn’t have it as bad as most countries. In fact, gas prices in the U.S. are well in the lower half of all countries.
Here’s how much a gallon of gas costs in U.S. dollars around the world as of Jan. 16, according to Global Petrol Prices. Data regarding oil consumption, production, reserves, and other factors influencing prices is from the U.S. Energy Information Administration using the most updated information available.
Related: Gas Prices Explained: Why There's Been So Much Pain at the Pump
Average Cost of a Gallon of Gas
The worldwide average cost for a gallon of gas is $4.90. Keep reading to find out how the countries with some of the least and most expensive prices for gasoline compare to the average and where the United States stacks up.
Related: How to Get Cheaper Gas
Venezuela
Cost Per Gallon: $0.060
Yep, you read that right. In Venezuela gas only costs a few cents per gallon. However, Venezuela has a host of issues related to fuel, including frequent shortages and long waits to buy gas making driving basically impossible for some despite the low cost. The prices also fluctuate dramatically. In 2020, a gallon of gas was an average of $7.57 in Venezuela.
Libya
Cost: $0.119
Libya’s massive oil industry helps keep gas prices among some of the lowest in the world. According to the EIA, Libya “was the seventh-largest crude oil producer in OPEC and the third-largest total petroleum liquids producer in Africa, in 2021 At the end of 2021, Libya held 3% of the world’s proved oil reserves.”
Related: Will This 10-Step Plan Bring Down Gas Prices?
Iran
Cost: $0.202
Iran “was the fifth-largest crude oil producer in OPEC in 2021” according to EIA data. It also had the third-largest oil reserves in 2021. Together this contributes to extremely low gas prices.
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Egypt
Cost: $1.376
Egypt’s low cost for a gallon of gas is surprising. In recent years, Egypt’s consumption of oil has exceeded its production and no significant new crude oil sources have been found. However, “According to the Oil & Gas Journal (OGJ), Egypt held proved oil reserves of 3.3 billion barrels as of January 2021,” which is likely a major contributor to prices remaining well below average for the time being.
Related: Drivers Flock to Costco, Sam's to Save on Gas — Is It Worth It?
Malaysia
Cost: $1.794
After Indonesia, Malaysia comes in second in Southeast Asia as the largest producer of oil and natural gas. Most of the oil comes from offshore drilling. Malaysia is a major source of crude oil for China.
Iraq
Cost: $1.943
The cost for a gallon of gas in Iraq is so low because, according to EIA data, “Iraq is the second-largest crude oil producer in OPEC after Saudi Arabia. It holds the world’s fifth-largest proved crude oil reserves, at 145 billion barrels, representing 17% of proved reserves in the Middle East and 8% of global reserves.” Thanks to this, each gallon costs $2.96 less than the worldwide average.
Saudi Arabia
Cost: $2.348
Saudi Arabia has “15% of the world’s proved oil reserves. It is the largest exporter of crude oil in the world and maintains the world’s largest crude oil production capacity at nearly 12 million barrels per day,” according to the EIA. All this works together to keep Saudi Arabia’s prices low, although perhaps not as low as one might expect. Increased exports from Saudi Arabia to Europe have helped ease the gasoline crunch most of the continent is experiencing since essentially banning oil from Russia.
Russia
Cost: $2.841
Despite being the fourth-largest oil consumer in the world, Russia still has lower gas costs than most countries. That’s because it is the third largest-producer of oil. Sanctions have led to Russia selling its excess oil at much lower rates since the invasion of Ukraine.
Indonesia
Cost: $3.263
Oil production in Indonesia has decreased in recent years as the country moves to reduce its petroleum use to make up 25% of its total energy use. It is somewhat surprising that Indonesia ranks among the lowest gas costs in the world since it is the 12th-largest consumer of oil in the world. Back in September 2022, the government increased prices by 30%, angering many in the country.
United States
Cost: $3.362
Based on how much Americans complain about the cost of gas, it might surprise you to hear that the U.S. is in the bottom 30 of 168 countries for worldwide gas costs. The United States is the largest consumer of oil in the world, so maybe there are just more people to complain. Despite having an average cost of about $1.54 less than the worldwide average, prices vary between states. For example, the average price in Hawaii was $4.99, while in Mississippi, where prices are the lowest, it is only $2.93 per gallon as of Jan. 17, according to Forbes. The EIA recently reported an expected decline in gasoline and diesel prices in 2023 and 2024, so Americans have reason to be optimistic.
Latvia
Cost: $6.572
Dependence on Russia for much of its oil and gas combined with general inflation has led to price increases for Latvia. Prices are $1.67 per gallon higher than the world average. High prices and a desire to reduce its reliance on Russia have led to a decrease in retail oil consumption compared to 2021.
United Kingdom
Cost: $6.921
Like many other islands, the U.K. has to pay extremely high prices for a gallon of gas. The United Kingdom is the world’s 16th-largest consumer of oil. Unfortunately for people’s pocketbooks, production can’t keep up with demand leading to a deficit that drives up prices.
Germany
Cost: $7.136
Germany consumes the 10th-highest amount of oil per day and has limited production. The result: a daily deficit that leads to Germany needing to import most of its oil. Additionally, Germany’s capital Berlin and eastern regions have been facing gasoline shortages and high fuel prices as Russian oil stopped flowing to Europe.
Switzerland
Cost: $7.267
Inflation rates in Switzerland just hit 30-year highs with gasoline prices being one major factor. Now a gallon of gas costs $2.36 per gallon more than the worldwide average and a whopping $3.64 more than the U.S. average.
Netherlands
Cost: $7.373
Gas is so expensive in the Netherlands that it is now more affordable to own an electric vehicle than a gas-powered one. The Netherlands is still the 23rd-largest oil consumer in the world, but perhaps that will decrease if this trend continues.
Italy
Cost: $7.405
Since it is the 19th-largest oil consumer and produces only a small amount of oil, it's no surprise gas is so expensive in Italy. Measures put in place earlier to reduce the sting of rising prices because of the Russia-Ukraine conflict have just expired, driving prices up an additional 15 cents since the end of 2022.
Belgium
Cost: $7.499
A gallon of gas costs $3.87 more in Belgium than it does in the United States. Like many other European Union countries, Belgium is facing significantly higher prices because of the decrease in imported oil from Russia.
Greece
Cost: $7.537
Although the 2008 financial crisis hit Greece especially hard, experts predict the country to have higher economic growth than the average for Europe. Still, residents are facing some of the world’s highest gas prices thanks to inflation and rising prices because of the Russia-Ukraine conflict. Greece’s very low oil production only adds to the cost since it must import most of its supply.
Israel
Cost: $7.952
Almost immediately following the swearing-in of Israel’s new government, gas prices increased, which probably doesn’t bode well for the future. Now Israelis pay $3.05 more for a gallon of gas than the world average.
Monaco
Cost: $8.088
More than 30% of this tiny city-state's population are millionaires, so at least someone there can afford these gas prices. Nearly everything is expensive in Monaco, so it isn’t really a surprise that gas costs so much per gallon in this lavish area.
Norway
Cost: $8.393
Paying over $8 per gallon for gas may seem horrible, but last summer, Norwegians faced costs of over $10 per gallon. Despite the recent price drop, in Norway gas still costs more than twice U.S. price and $3.49 more than the worldwide average.
Iceland
Cost: $8.519
Part of the reason for Iceland’s high gas prices is the fact that it produces no oil itself. Importing oil to the island country is also no small task which drives prices up. Iceland’s government also heavily taxes gas, making things even more expensive.
Hong Kong
Cost: $11.181
In Hong Kong, a single gallon of gas costs $6.29 more than the worldwide average and $7.57 more than the United States average. Hong Kong produces none of its own oil and is the 37th-largest consumer in the world so the cost to import is staggering.
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