The Global Oil Prices observatory has reported that the average price of gasoline worldwide is US$1.30 per liter. However, this price varies significantly between countries, with richer countries generally having higher prices and poorer countries and oil-producing countries having lower prices.
The differences in gasoline prices between countries can be attributed to various taxes and subsidies. While all countries have access to the same oil prices in international markets, they impose different taxes, resulting in varying retail prices for gasoline.
According to Global Petrol Prices, the highest prices for 95 octane gasoline are reported in Hong Kong (US$3,101 per liter), Monaco (US$2,353), Iceland (US$2,325), Denmark (US$2,114), Netherlands (US$2,085), Israel (US$2,065), and Norway (US$2,052).
On the other hand, fuel-producing countries such as Iran (0.029), Libya (0.031), Venezuela (0.035), Algeria and Kuwait (both with 0.342), Angola (0.362), and Egypt (0.403) have the lowest gasoline prices.
For more information, refer to globalpetrolprices.com and Bloomberg.