On March 16, the price of Brent crude oil was trending around $98 per barrel. WTI crude was slightly lower around $95.50. Both are down significantly from record highs above $130 a barrel just a week ago. Gas prices do not fall in the same way, with US Energy Information Administration showing a jump of 71 cents over the past two weeks. Drivers in the United States pay an average of $4.31 per gallon for an unleaded regular.
Gas prices in America have indeed reached record highs, but how do they compare to prices in other parts of the world? About globalpetrolprices.com offers insight into the current state of fuel costs from all corners of the world. The website collects data from a variety of independent sources in each country to provide weekly averages for most regions. Since we were unable to verify these specific sources, it is possible that the data may differ slightly from information posted elsewhere.
However, this website offers conversions between gallons and liters at prices in multiple currencies. As such, it provides a good view of the general state of gas prices around the world, and the data are certainly interesting.
As you would expect, the Middle East enjoys the lowest fees while European countries pay the most. A gallon of gas in Germany is just over $9.00, but jump to Kuwait and it’s $1.30. In South America, Colombia pays $2.36 per gallon but in Brazil $4.93. Australians pay more than $5.37 per gallon; The Canadian average is $5.93, but in Europe, Spain is currently checking in at $7.62. The UK was $8.05, France was $8.23, and Italy was at $9.08 a gallon. Explore the north and the price is even higher.
As for the absolute cheapest gas prices, Venezuela tops the list with reported costs of only $0.09. It should be noted that prices are monthly averages, not weekly ones, and there is no context for the sources used to gather the info. On the other hand, Hong Kong paid the most by a wide margin, with a reported weekly average of $10.89 per gallon. Good grief.
Below are the 10 highest and lowest average gas prices per country currently reported. Note, this list only includes countries with weekly reported averages, so Venezuela is not included.
|Country||Average Price Per Gallon (USD, Cheapest)|
|Country||Average Price Per Gallon (USD, Most Expensive)|
With oil prices trending down, will gasoline prices go down as fast as they go up? It will be interesting to see where the averages land next week, but according to AAA (which offers daily reporting in the US), the price of regular gasoline has fallen by around $0.01 – one penny – in the last 24 hours.