Eco-Biz

Countries by Petrol Prices

March 12, 2022

The cost of crude oil is the largest component of the retail price of gasoline or petrol. Recently, the price of WTI crude oil has been $120-$121 a barrel. In the worldwide oil industry, an oil barrel is defined as 42 U.S. gallons, which is about 159 liters. This calculates the price of crude oil to $0.75-$0.76 per liter. Taxes and subsidies, cost of refining and transporting, commission, etc., are included in retail price.

The average price of gasoline around the world is 1.29 U.S. Dollars per liter. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. The differences in prices across countries are mainly due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes.

Out of the 170 countries/regions listed, 45 have a price below 1 USD dollar. Seventy-four have between $1.00-$1.50, 25 have between $1.50-$2.00, and 26 have over $2. Prices are as per the date 07 Mar 2022.

Venezuela has the cheapest price, just $0.03 per liter, followed by Libya ($0.03) and Iran ($0.05). Among the top ten cheapest, four countries are located in Asia and Africa each, and one each in South America in Europe. Hong Kong has the most expensive price of $2.83, followed by Norway.

Qatar is among the top 10 richest economies but has low gasoline price below $1. Prices are high in European nations as only four countries have less than one dollar. Russia has the lowest rate in Europe. 43 out of 47 European countries have a price above $1. This figure is 21 out of 40 in Asia, 12 out of 43 in Africa, 3 out of 24 in North America, 7 out of 12 in South America and 0 out of 4 in Oceania.

Petrol prices in USD, EURO and INR

Rank	Country	USD	EURO	INR	Continent	Rank
1	Venezuela	0.03	0.02	1.93	South America	1
2	Libya	0.03	0.03	2.48	Africa	1
3	Iran	0.05	0.05	3.95	Asia	1
4	Syria	0.32	0.29	24.33	Asia	2
5	Algeria	0.32	0.30	24.76	Africa	2
6	Angola	0.34	0.31	25.96	Africa	3
7	Kuwait	0.35	0.32	26.64	Asia	3
8	Russia	0.37	0.34	28.78	Europe	1
9	Kazakhstan	0.40	0.37	30.84	Asia	4
10	Nigeria	0.40	0.37	30.85	Africa	4
11	Turkmenistan	0.43	0.40	33.10	Asia	5
12	Malaysia	0.49	0.45	37.83	Asia	6
13	Iraq	0.51	0.47	39.58	Asia	7
14	Bahrain	0.53	0.49	40.90	Asia	8
15	Bolivia	0.55	0.50	41.98	South America	2
16	Qatar	0.58	0.53	44.46	Asia	9
17	Azerbaijan	0.59	0.54	45.34	Europe	2
18	Egypt	0.60	0.56	46.51	Africa	5
19	Oman	0.62	0.57	47.85	Asia	10
20	Saudi Arabia	0.62	0.57	47.87	Asia	11
21	Colombia	0.62	0.58	48.08	South America	3
22	Ethiopia	0.62	0.58	48.11	Africa	6
23	Haiti	0.63	0.58	48.75	North America	1
24	Kyrgyzstan	0.67	0.62	51.68	Asia	12
25	Ecuador	0.67	0.62	51.92	South America	4
26	Belarus	0.69	0.63	52.86	Europe	3
27	Tunisia	0.75	0.69	57.89	Africa	7
28	Togo	0.84	0.77	64.66	Africa	8
29	Maldives	0.84	0.77	64.77	Asia	13
30	Pakistan	0.84	0.78	64.84	Asia	14
31	United Arab Emirates	0.85	0.78	65.47	Asia	15
32	Trinidad & Tobago	0.85	0.79	65.79	North America	2
33	Liberia	0.86	0.79	66.06	Africa	9
34	Chad	0.86	0.79	66.22	Africa	10
35	Afghanistan	0.88	0.81	67.55	Asia	16
36	Lebanon	0.89	0.82	68.25	Asia	17
37	Yemen	0.89	0.82	68.38	Asia	18
38	Uzbekistan	0.89	0.82	68.78	Asia	19
39	Indonesia	0.90	0.82	68.98	Asia	20
40	Dominica	0.92	0.85	70.79	North America	3
41	Guyana	0.93	0.85	71.41	South America	5
42	Suriname	0.94	0.86	72.05	South America	6
43	Sudan	0.95	0.88	73.29	Africa	11
44	Georgia	0.96	0.89	74.28	Europe	4
45	Argentina	0.98	0.90	75.27	South America	7
46	Mongolia	1.00	0.92	76.67	Asia	21
47	Benin	1.00	0.92	76.82	Africa	12
48	Gabon	1.00	0.92	77.35	Africa	13
49	Burkina Faso	1.02	0.94	78.75	Africa	14
50	Madagascar	1.03	0.94	79.01	Africa	15
51	Sri Lanka	1.03	0.95	79.16	Asia	22
52	Sierra Leone	1.03	0.95	79.43	Africa	16
53	Bangladesh	1.04	0.96	79.94	Asia	23
54	DR Congo	1.04	0.96	80.14	Africa	17
55	Cameroon	1.05	0.96	80.54	Africa	18
56	Ivory Coast	1.06	0.97	81.31	Africa	19
57	Swaziland	1.06	0.97	81.49	Africa	20
58	Panama	1.06	0.98	81.82	North America	4
59	Mexico	1.08	0.99	83.07	North America	5
60	Mozambique	1.08	1.00	83.36	Africa	21
61	Botswana	1.08	1.00	83.44	Africa	22
62	Tanzania	1.10	1.01	84.63	Africa	23
63	Mali	1.12	1.03	85.92	Africa	24
64	Guinea	1.12	1.03	85.95	Africa	25
65	Namibia	1.12	1.03	86.01	Africa	26
66	Bhutan	1.12	1.03	86.28	Asia	24
67	Saint Lucia	1.14	1.05	87.56	North America	6
68	Kenya	1.15	1.06	88.96	Africa	27
69	Cambodia	1.16	1.07	89.21	Asia	25
70	Taiwan	1.16	1.07	89.33	Asia	26
71	Honduras	1.17	1.08	89.97	North America	7
72	USA	1.18	1.09	90.82	North America	8
73	Ukraine	1.18	1.09	91.18	Europe	5
74	Vietnam	1.20	1.10	92.25	Asia	27
75	Lesotho	1.21	1.11	93.03	Africa	28
76	Paraguay	1.21	1.11	93.09	South America	8
77	Zambia	1.22	1.12	93.77	Africa	29
78	El Salvador	1.22	1.12	93.81	North America	9
79	Ghana	1.22	1.12	93.89	Africa	30
80	Grenada	1.22	1.13	94.11	North America	10
81	Nepal	1.22	1.13	94.13	Asia	28
82	Rwanda	1.23	1.13	94.91	Africa	31
83	Puerto Rico	1.24	1.14	95.43	North America	11
84	Nicaragua	1.25	1.15	96.39	North America	12
85	Cuba	1.26	1.16	97.12	North America	13
86	Philippines	1.26	1.16	97.19	Asia	29
87	Costa Rica	1.28	1.18	98.43	North America	14
88	Poland	1.28	1.18	98.56	Europe	6
89	Brazil	1.29	1.19	99.17	South America	9
90	Senegal	1.29	1.19	99.23	Africa	32
91	Fiji	1.30	1.19	99.79	Oceania	1
92	Burma	1.30	1.19	99.86	Asia	30
93	Guatemala	1.30	1.20	100.53	North America	15
94	Turkey	1.31	1.20	100.66	Europe	7
95	Morocco	1.31	1.21	101.06	Africa	33
96	Peru	1.32	1.22	101.74	South America	10
97	Hungary	1.32	1.22	101.86	Europe	8
98	India	1.34	1.23	102.87	Asia	31
99	Burundi	1.34	1.23	103.28	Africa	34
100	Chile	1.34	1.24	103.63	South America	11
101	Australia	1.35	1.24	103.69	Oceania	2
102	China	1.37	1.26	105.42	Asia	32
103	Curacao	1.38	1.27	106.01	North America	16
104	South Africa	1.38	1.27	106.62	Africa	35
105	Uganda	1.39	1.28	106.82	Africa	36
106	Cayman Islands	1.40	1.29	107.61	North America	17
107	Bahamas	1.40	1.29	107.72	North America	18
108	Moldova	1.41	1.29	108.27	Europe	9
109	Dominican Republic	1.41	1.30	108.50	North America	19
110	Mauritius	1.42	1.31	109.24	Africa	37
111	Malawi	1.43	1.32	110.18	Africa	38
112	Thailand	1.44	1.33	111.33	Asia	33
113	Jamaica	1.45	1.34	111.75	North America	20
114	Aruba	1.45	1.34	111.75	North America	21
115	Malta	1.45	1.34	112.11	Europe	10
116	Japan	1.48	1.36	114.03	Asia	34
117	South Korea	1.48	1.37	114.21	Asia	35
118	Canada	1.48	1.37	114.26	North America	22
119	Laos	1.48	1.37	114.27	Asia	36
120	Jordan	1.53	1.41	117.96	Asia	37
121	Seychelles	1.54	1.42	118.89	Africa	39
122	Cyprus	1.55	1.43	119.37	Europe	11
123	Bulgaria	1.55	1.43	119.44	Europe	12
124	Cape Verde	1.57	1.44	120.61	Africa	40
125	Bosnia & Herz.	1.58	1.45	121.56	Europe	13
126	Serbia	1.58	1.45	121.58	Europe	14
127	Northern Macedonia	1.58	1.46	121.85	Europe	15
128	Andorra	1.59	1.46	122.24	Europe	16
129	Romania	1.61	1.48	124.02	Europe	17
130	Croatia	1.65	1.52	127.23	Europe	18
131	Belize	1.67	1.54	128.91	North America	23
132	Slovenia	1.69	1.55	130.02	Europe	19
133	Albania	1.71	1.58	132.08	Europe	20
134	Montenegro	1.72	1.58	132.19	Europe	21
135	Slovakia	1.75	1.61	134.70	Europe	22
136	Uruguay	1.75	1.61	134.94	South America	12
137	Luxembourg	1.80	1.66	138.72	Europe	23
138	Wallis and Futuna	1.81	1.67	139.78	Oceania	3
139	Czech Republic	1.83	1.69	141.20	Europe	24
140	Austria	1.84	1.69	141.48	Europe	25
141	Mayotte	1.89	1.74	145.58	Africa	41
142	Spain	1.90	1.75	146.46	Europe	26
143	Ireland	1.97	1.82	152.19	Europe	27
144	Central African Rep.	1.99	1.83	153.42	Africa	42
145	Latvia	2.00	1.84	153.95	Europe	28
146	Lithuania	2.01	1.85	154.70	Europe	29
147	San Marino	2.01	1.85	155.12	Europe	30
148	Switzerland	2.03	1.87	156.57	Europe	31
149	Monaco	2.04	1.88	156.87	Europe	32
150	United Kingdom	2.04	1.88	157.19	Europe	33
151	Barbados	2.05	1.89	158.05	North America	24
152	Portugal	2.08	1.92	160.39	Europe	34
153	France	2.10	1.93	161.48	Europe	35
154	Greece	2.11	1.94	162.65	Europe	36
155	Belgium	2.11	1.95	162.81	Europe	37
156	Estonia	2.12	1.95	163.07	Europe	38
157	Italy	2.12	1.95	163.09	Europe	39
158	New Zealand	2.12	1.95	163.41	Oceania	4
159	Zimbabwe	2.15	1.98	165.95	Africa	43
160	Iceland	2.16	1.99	166.74	Europe	40
161	Germany	2.18	2.01	168.25	Europe	41
162	Singapore	2.19	2.02	169.08	Asia	38
163	Israel	2.21	2.04	170.27	Asia	39
164	Finland	2.24	2.06	172.35	Europe	42
165	Netherlands	2.29	2.11	176.12	Europe	43
166	Sweden	2.29	2.11	176.85	Europe	44
167	Liechtenstein	2.36	2.18	182.15	Europe	45
168	Denmark	2.40	2.21	185.10	Europe	46
169	Norway	2.69	2.48	207.55	Europe	47
170	Hong Kong	2.83	2.61	218.25	Asia	40

Petrol prices and GDP per capita

Rank	Country	Prices ($)	Per Capita Income ($)	Ratio	Rank
1	Venezuela	0.03	1,627	65,094	6
2	Libya	0.03	4,069	127,144	2
3	Iran	0.05	12,725	249,511	1
4	Syria	0.32	–	–	–
5	Algeria	0.32	3,638	11,334	58
6	Angola	0.34	2,201	6,530	83
7	Kuwait	0.35	27,927	80,714	4
8	Russia	0.37	11,273	30,223	17
9	Kazakhstan	0.40	10,145	25,362	27
10	Nigeria	0.40	2,273	5,682	89
11	Turkmenistan	0.43	8,844	20,615	40
12	Malaysia	0.49	11,125	22,657	36
13	Iraq	0.51	4,893	9,519	66
14	Bahrain	0.53	26,294	49,518	10
15	Bolivia	0.55	3,267	5,994	88
16	Qatar	0.58	61,791	107,089	3
17	Azerbaijan	0.59	5,167	8,788	72
18	Egypt	0.60	3,852	6,388	84
19	Oman	0.62	17,633	28,394	21
20	Saudi Arabia	0.62	23,762	38,265	13
21	Colombia	0.62	5,892	9,443	67
22	Ethiopia	0.62	940	1,506	132
23	Haiti	0.63	1,692	2,677	118
24	Kyrgyzstan	0.67	1,225	1,828	126
25	Ecuador	0.67	5,884	8,730	73
26	Belarus	0.69	7,032	10,251	60
27	Tunisia	0.75	3,556	4,734	97
28	Togo	0.84	1,000	1,192	136
29	Maldives	0.84	11,899	14,166	49
30	Pakistan	0.84	1,401	1,666	128
31	United Arab Emirates	0.85	43,538	51,281	9
32	Trinidad & Tobago	0.85	15,353	17,977	43
33	Liberia	0.86	703	821	147
34	Chad	0.86	730	850	145
35	Afghanistan	0.88	644	735	149
36	Lebanon	0.89	3,109	3,514	109
37	Yemen	0.89	585	660	151
38	Uzbekistan	0.89	1,901	2,132	122
39	Indonesia	0.90	4,225	4,721	98
40	Dominica	0.92	7,777	8,472	77
41	Guyana	0.93	9,369	10,118	62
42	Suriname	0.94	4,620	4,942	96
43	Sudan	0.95	789	830	146
44	Georgia	0.96	4,808	4,988	94
45	Argentina	0.98	9,929	10,173	61
46	Mongolia	1.00	4,186	4,207	101
47	Benin	1.00	1,447	1,451	133
48	Gabon	1.00	8,569	8,544	75
49	Burkina Faso	1.02	926	906	143
50	Madagascar	1.03	499	487	155
51	Sri Lanka	1.03	3,666	3,569	108
52	Sierra Leone	1.03	541	525	154
53	Bangladesh	1.04	2,139	2,062	123
54	DR Congo	1.04	594	571	153
55	Cameroon	1.05	1,646	1,575	131
56	Ivory Coast	1.06	–	–	–
57	Swaziland	1.06	3,965	3,752	105
58	Panama	1.06	13,861	13,064	53
59	Mexico	1.08	9,967	9,246	70
60	Mozambique	1.08	492	455	156
61	Botswana	1.08	7,350	6,793	82
62	Tanzania	1.10	1,159	1,056	137
63	Mali	1.12	966	866	144
64	Guinea	1.12	1,168	1,048	138
65	Namibia	1.12	4,693	4,206	102
66	Bhutan	1.12	3,296	2,946	115
67	Saint Lucia	1.14	–	–	–
68	Kenya	1.15	2,199	1,905	125
69	Cambodia	1.16	1,647	1,424	134
70	Taiwan	1.16	33,402	28,819	20
71	Honduras	1.17	2,602	2,230	121
72	USA	1.18	69,375	58,893	7
73	Ukraine	1.18	4,384	3,706	107
74	Vietnam	1.20	3,743	3,127	114
75	Lesotho	1.21	1,188	984	139
76	Paraguay	1.21	5,028	4,162	103
77	Zambia	1.22	1,115	916	142
78	El Salvador	1.22	4,244	3,488	110
79	Ghana	1.22	2,413	1,981	124
80	Grenada	1.22	9,575	7,842	79
81	Nepal	1.22	1,173	960	141
82	Rwanda	1.23	802	652	152
83	Puerto Rico	1.24	34,143	27,579	23
84	Nicaragua	1.25	2,047	1,636	129
85	Cuba	1.26	–	–	–
86	Philippines	1.26	3,492	2,769	117
87	Costa Rica	1.28	11,860	9,288	69
88	Poland	1.28	17,319	13,541	52
89	Brazil	1.29	7,741	6,015	87
90	Senegal	1.29	1,603	1,245	135
91	Fiji	1.30	5,127	3,959	104
92	Burma	1.30	1,246	962	140
93	Guatemala	1.30	4,542	3,483	111
94	Turkey	1.31	9,407	7,203	81
95	Morocco	1.31	3,471	2,647	120
96	Peru	1.32	6,677	5,058	93
97	Hungary	1.32	18,528	14,025	51
98	India	1.34	2,116	1,585	130
99	Burundi	1.34	261	195	159
100	Chile	1.34	16,799	12,500	55
101	Australia	1.35	62,619	46,557	11
102	China	1.37	11,891	8,692	74
103	Curacao	1.38	–	–	–
104	South Africa	1.38	6,861	4,961	95
105	Uganda	1.39	1,018	735	150
106	Cayman Islands	1.40	–	–	–
107	Bahamas	1.40	27,437	19,640	41
108	Moldova	1.41	4,792	3,410	112
109	Dominican Republic	1.41	8,492	6,031	86
110	Mauritius	1.42	8,682	6,127	85
111	Malawi	1.43	566	396	157
112	Thailand	1.44	7,809	5,408	91
113	Jamaica	1.45	5,422	3,739	106
114	Aruba	1.45	25,701	17,725	44
115	Malta	1.45	31,997	22,006	38
116	Japan	1.48	40,704	27,522	24
117	South Korea	1.48	35,196	23,749	32
118	Canada	1.48	52,791	35,622	14
119	Laos	1.48	2,626	1,772	127
120	Jordan	1.53	4,394	2,872	116
121	Seychelles	1.54	13,140	8,522	76
122	Cyprus	1.55	29,486	19,036	42
123	Bulgaria	1.55	11,332	7,311	80
124	Cape Verde	1.57	–	–	–
125	Bosnia & Herz.	1.58	6,648	4,215	100
126	Serbia	1.58	8,794	5,576	90
127	Northern Macedonia	1.58	6,712	4,245	99
128	Andorra	1.59	40,417	25,484	26
129	Romania	1.61	14,864	9,238	71
130	Croatia	1.65	15,808	9,575	65
131	Belize	1.67	4,458	2,666	119
132	Slovenia	1.69	28,939	17,154	46
133	Albania	1.71	5,837	3,406	113
134	Montenegro	1.72	8,838	5,153	92
135	Slovakia	1.75	21,383	12,233	56
136	Uruguay	1.75	16,965	9,689	64
137	Luxembourg	1.80	131,302	72,945	5
138	Wallis and Futuna	1.81	–	–	–
139	Czech Republic	1.83	25,806	14,086	50
140	Austria	1.84	53,793	29,315	19
141	Mayotte	1.89	–	–	–
142	Spain	1.90	30,537	16,072	48
143	Ireland	1.97	102,394	51,871	8
144	Central African Rep.	1.99	526	264	158
145	Latvia	2.00	19,539	9,784	63
146	Lithuania	2.01	22,412	11,167	59
147	San Marino	2.01	50,934	25,315	28
148	Switzerland	2.03	93,515	46,044	12
149	Monaco	2.04	–	–	–
150	United Kingdom	2.04	46,200	22,658	35
151	Barbados	2.05	16,105	7,856	78
152	Portugal	2.08	24,457	11,753	57
153	France	2.10	45,028	21,493	39
154	Greece	2.11	19,827	9,397	68
155	Belgium	2.11	50,413	23,870	31
156	Estonia	2.12	27,101	12,808	54
157	Italy	2.12	35,585	16,817	47
158	New Zealand	2.12	48,349	22,806	34
159	Zimbabwe	2.15	1,665	773	148
160	Iceland	2.16	68,844	31,828	15
161	Germany	2.18	50,788	23,265	33
162	Singapore	2.19	66,263	30,202	18
163	Israel	2.21	49,840	22,562	37
164	Finland	2.24	53,523	23,937	30
165	Netherlands	2.29	57,715	25,258	29
166	Sweden	2.29	58,639	25,562	25
167	Liechtenstein	2.36	–	–	–
168	Denmark	2.40	67,920	28,288	22
169	Norway	2.69	82,244	30,540	16
170	Hong Kong	2.83	49,485	17,480	45

Source: www.globalpetrolprices.com