[custom_adv] The biggest single component of retail gasoline prices is the cost of the crude oil used to produce the gasoline. Recently, that price of WTI crude oil has been $54-$55 a barrel. In the worldwide oil industry, an oil barrel is defined as 42 US gallons, which is about 159 litres. [custom_adv] This calculates price of crude oil $0.33-$0.34 per litre. Taxes and subsidies, cost of refining and transporting, commission etc are included in retail price. [custom_adv] The average price of gasoline around the world is 1.15 U.S. Dollar 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. [custom_adv] All countries have access to the same petroleum prices of international markets but then decide to impose different taxes.Out of 164 countries/regions listed, 55 have price below 1 USD dollar. [custom_adv] 73 have between $1.00-$1.50, 35 have between $1.50-$2.00 and two have over $2. Prices are as per the date 19th Nov 2018. [custom_adv] Venezuela has cheapest price just $0.1 per liter followed by Sudan ($0.13). Among top 10 cheapest, 4 countries are located in Africa continent, 3 in Asia, 2 are in South America and 1 in Europe. [custom_adv] Hong Kong has costliest price of $2.09 followed by Barbados and Narway.Qatar and USA are among top 10 richest economies but has low gasoline price below $1. [custom_adv] Even developed countries Australia and Canada has price just above $1. Prices are high in European nations as only four countries has less than one dollar. [custom_adv] Azerbaijan has cheapest rate in Europe.Other three having below $1 are Russia, Belarus and Georgia. 52.17% European countries has price above $1.5. This figure is 8.33% in South America, 10.53% in Asia, 12.5% in North America and 5% in Africa. [custom_adv] Azerbaijan has cheapest rate in Europe.Other three having below $1 are Russia, Belarus and Georgia. 52.17% European countries has price above $1.5. This figure is 8.33% in South America, 10.53% in Asia, 12.5% in North America and 5% in Africa.
