Many motorists have found surging prices in petrol pumps across the UK, with a petrol station in London charging £2.39 per litre.
While Chancellor Rishi Sunak announced a 5p fuel duty cut to help the cost of living crisis as prices hit a record high of 165.9p per litre for petrol and 177.3p for diesel in March, it has done little to help as price levels keep going up.
A trip to the petrol station now seems more daunting than ever, but how does the price in the UK actually compare to the rest of the world?
Let’s take a look and see just where the UK ranks…
How does UK petrol prices compare to the rest of the world? Most expensive prices
If you thought the UK was expensive for petrol then well, you’re not wrong, but it is not the most expensive place in the world.
In fact, the UK doesn’t even break into the top 10, according to the latest report from Global Petrol Prices.
The United Kingdom is in the number 12 spot with an average of £1.869p per litre for gas, just behind Israel (£1.879).
The most expensive petrol in the world is currently in Hong Kong, with gas prices costing on average £2.449p per lite.
Here is the top 10 most expensive gas prices in the world per litre:
- Hong Kong – £2.44
- Finland – £2.17
- Iceland – £2.15
- Norway – £2.10
- Greece – £2.08
- Denmark – £2.06
- Netherlands – £2.03
- Central African Republic – £1.96
- Monaco – £1.94
- Singapore – £1.91
Where has the cheapest petrol prices in the world?
The cheapest fuel is currently in Venezuela, where costs are £0.018p per litre – that’s quite the trip to fill up a jerry can.
Here are the 10 cheapest gas prices per litre across the globe:
- Venezuela – £0.018p
- Libya – £0.025p
- Iran – £0.044p
- Syria – £0.0233p
- Algeria – £0.257p
- Kuwait – £0.279p
- Angola – £0.302p
- Nigeria – £0.336p
- Turkmenistan – £0.351p
- Malaysia – £0.380p
Global Petrol Prices notes that the average price of gasoline around the world is £1.19p per litre.
However, there is substantial difference in these prices among countries across the globe.
Richer countries tend to have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices.
One notable exception is the US, which generally has low gas prices (currently at £1.120 per litre).
Gas prices vary from country to country due to taxes and subsidies which are imposed by the respective nation.
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