Gasoline price has been always at the core of the discussion in every single country. It fluctuates not only according to the demand and offer law, but also based on regulation, taxation, and access to the energy sources.
These are the world’s cheapest and most expensive gasoline, based not only on the current price per liter, but also on the most popular cars by country, and the average income of the population.
According to the weekly update produced by GlobalPetrolPrices.com, the country or territory with the highest gasoline price is Hong Kong. In this little Chinese island you need to pay $2.941 for a liter of gasoline. The surging land costs for building fuel stations, which have increased by more than 400 per cent in the past decade explains the high cost.
Hong Kong is followed by another island: Iceland. According to the weekly ranking, the price per liter is $2.235. In the third place, there is another Scandinavian country: Norway, with $2.195 per liter. The top 10 is completed by Denmark, Finland, Greece, Sweden, Switzerland, Belgium and Germany.
On the opposite side, the 10 countries with the lowest prices per liter are Bolivia, Colombia Bahrain, Iraq, Kazakhstan, Malaysia, Kuwait, Algeria, Iran, and Venezuela.
Tell me what car you drive…
However, one thing is the ranking by the price per liter, and a different one when we include the most popular cars per country.
According to my research, Malawi has the dubious distinction of having the highest pump prices in the world, considering the top-selling cars. Last year, the Toyota Prado led the market of new vehicles, so a driver must pay $148 to fill up the tank of this midsize SUV.
This tiny African country is followed by Jordan, where the Prado also ranked first in 2021, and whose tank needs $144 to be full. Uganda came third with $138 to fill up a Toyota Hilux, the country’s most popular vehicle.
The remaining top 7 are Canada, Iceland, New Zealand, Dominican Republic, Nicaragua, Peru and Uruguay.
In contrast, those countries driving more frugal cars are usually in the bottom: Japan (Kei Cars), Pakistan (Suzuki cars), Colombia (Dacia made products), Tunisia, Oman, Kazakhstan, Algeria, Malaysia, Iran; there is one exception: Venezuela, where the Prado led the rankings in 2021, but still, it is very cheap to fill up.
How much you earn and how much you spend on gasoline?
But, what about the income of the population? Filling up your car can be a big issue if your income is not high. Based on my assumption that a car needs to filled up twice a month, and using the average monthly income data from Take-Profit.org, I estimated the impact of paying for the gasoline for your car compared to the income.
Malawi led the ranking again, as the driver of a Prado would need to pay $297 in gasoline per month, while perceiving an average income of $160. In other words, in Malawi you need almost two months of income to pay for one month of gasoline for your car.
On the opposite side there is Oman, where the monthly expenses for the gasoline of a Nissan Sunny, the country’s most popular car in 2021, made up 1.1% of the average income.
So? Do you still think that the gasoline is too expensive in your country?