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The Fiscal Times

The Fiscal Times

The Fiscal Times (TFT) is a digital news, opinion and media service offering comprehensive quality reporting on vital fiscal policy, economic and consumer issues. TFT has…

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Top 10 Countries With The Cheapest And Most Expensive Gas

Oil Storage From The Sky

The U.S. consumes more gasoline than any other country, and the average household spends about $2,000 a year on gas. But in the last few years, low gas prices have given millions of drivers extra money to spend or save.

In the rest of the world, gas prices tend to be higher. But the nominal price of gasoline doesn’t provide a complete picture of how expensive the fuel really is in a given country. In order to determine the affordability of gasoline (or any other product), you have to compare the price to income. A recent Bloomberg report compared gas prices in different counties to the average national paycheck to find where gas really is the most, and least, affordable.

In high-wage nations, expensive gas prices are by and large affordable for the population. For example, Norway’s gasoline price of $6.53 a gallon is the third highest in the world, but its average citizen earns nearly $200 a day. This combination means that Norway’s high prices are the 10th most affordable in the world. On the other end of the spectrum, Nigeria, Africa’s leading oil producer, boasts the 7th cheapest gas prices in the world at $1.94 a gallon. But when coupled with an $8 average daily wage, Nigeria’s gas becomes the 4th least affordable in the world.

Here are the 10 most and least affordable countries for gasoline when measured against average national incomes:

Most Affordable

1. Venezuela

Price per gallon: $0.02

Average daily wage: $16.14

Daily wages spent on one gallon of gas: 0.95 percent

2. Kuwait

Price per gallon: $0.88

Average daily wage: $68.69

Daily wages spent on one gallon of gas: 1.27 percent

3. United States

Price per gallon: $2.57

Average daily wage: $156.34

Daily wages spent on one gallon of gas: 1.64 percent

4. Luxembourg

Price per gallon: $4.69

Average daily wage: $285.13

Daily wages spent on one gallon of gas: 1.66 percent

5. Saudi Arabia

Price per gallon: $0.91

Average daily wage: $52.77

Daily wages spent on one gallon of gas: 1.72 percent

6. United Arab Emirates

Price per gallon: $1.80

Average daily wage: $90.13

Daily wages spent on one gallon of gas: 2.00 percent

7. Switzerland

Price per gallon: $5.58

Average daily wage: $213.60

Daily wages spent on one gallon of gas: 2.58 percent

8. Australia

Price per gallon: $3.57

Average daily wage: $134.27

Daily wages spent on one gallon of gas: 2.58 percent

9. Canada

Price per gallon: $3.45

Average daily wage: $110.41

Daily wages spent on one gallon of gas: 2.96 percent

10. Norway

Price per gallon: $6.53

Average daily wage: $190.47

Daily wages spent on one gallon of gas: 3.40 percent Related: Why Oil Prices Might Not Rebound Until 2019

Least Affordable

1. India

Price per gallon: $3.75

Average daily wage: $4.77

Daily wages spent on one gallon of gas: 80.20 percent

2. Pakistan

Price per gallon: $2.32

Average daily wage: $3.97

Daily wages spent on one gallon of gas: 56.71 percent

3. Philippines

Price per gallon: $3.17

Average daily wage: $8.14

Daily wages spent on one gallon of gas: 39.69 percent

4. Nigeria

Price per gallon: $1.94

Average daily wage: $8.00

Daily wages spent on one gallon of gas: 34.85 percent

5. Egypt

Price per gallon: $2.66

Average daily wage: $10.25

Daily wages spent on one gallon of gas: 28.40 percent

6. South Africa

Price per gallon: $3.19

Average daily wage: $13.03

Daily wages spent on one gallon of gas: 23.64 percent

7. Indonesia

Price per gallon: $2.23

Average daily wage: $9.89

Daily wages spent on one gallon of gas: 22.36 percent

8. Thailand

Price per gallon: $3.44

Average daily wage: $16.23

Daily wages spent on one gallon of gas: 21.84 percent

9. Turkey

Price per gallon: $5.77

Average daily wage: $26.13

Daily wages spent on one gallon of gas: 21.22 percent

10. Bulgaria

Price per gallon: $4.05

Average daily wage: $18.93

Daily wages spent on one gallon of gas: 21.19 percent

By Emily Shah via The Fiscal Times

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Leave a comment
  • Steve Shorey on July 22 2016 said:
    This gives an interesting and useful perspective on the relative (un)affordability of fuel in these countries. Another factor that could add more to the story is the current fuel usage per person. If you don't use significant amounts of fuel (or more specifically you 'don't need to use significant amounts of fuel') then the price of the commodity is about as relevant to your daily life as the price of diamonds.
  • Vladamir Ostenpovich on July 26 2016 said:
    The world has more oil than they have cow shiit. There is NO shortage and there never will be in our lifetime. New Energy sources will be used before we run out of oil. The world has been using oil for over 100 years. It's out dated and time for research companies to start releasing the new energies to the public.
    Oil companies have been raping Americans for over 50 years it's time to stick it up their asss. There is no reason why gasoline should be more than $1.50 in the U.S.
    It's the rich oil companies ripping off the public. If you can't see it you are either brain dead or the most naive person on this planet.

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