• 5 minutes USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 10 minutes Venezuela continues to sink in misery
  • 13 minutes U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 16 minutes IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 2 hours Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 9 hours $867 billion farm bill passed
  • 9 hours Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 9 hours Has Global Peak Diesel Arrived?
  • 1 day OPEC Cuts Deep to Save Cartel
  • 1 day Sleeping Hydrocarbon Giant
  • 1 hour What will the future hold for nations dependent on high oil prices.
  • 55 mins Air-to-Fuels Energy and Cost Calculation
  • 22 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 1 day And the War on LNG is Now On
  • 1 day Global Economy-Bad Days Are coming
  • 1 day Could Tesla Buy GM?
Alt Text

Oil Jumps On Trump-Xi Trade Truce

Oil prices jumped on Monday…

Alt Text

Why We Should Worry About Low Oil Prices

Though the consensus is that…

Alt Text

Citi: Oil Prices Are Going Nowhere Next Year

Brent crude could be stuck…

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…

More Info

Trending Discussions

Top 10 Countries With The Cheapest And Most Expensive Gas

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

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


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.
  • Mike on December 29 2016 said:
    I disagree with the assumption that we should not worry about gas prices if we don't use a car because all the goods and services around our life aren't moved by random energy; if gas goes up it eventually reflects in the prices of all kinds of stuff, from raw materials to finished goods, even service companies adjust their charge per mile traveled.
  • Rob Keating on February 07 2017 said:
    This shows how much our governments manipulate the gasoline price. If the world really wants less invasive energy sources governments would leave the price alone. Gasoline prices would then climb and the world would embrace green alternatives. No more stupid gas guzzling vehicles parents driving two cars to their kids soccer game....
  • Bobby on February 18 2018 said:
    South Korea - $6.50 per gallon. 15% of average daily wage.
  • Gerardo on May 09 2018 said:
    Mexico: $3.5 per gallon
    Average daily wage: $4.4
    Daily wages spent on one gallon of gas: 79.54 percent (Like India) and doesn't appear in the list
  • Tharo on July 09 2018 said:
    Cambodia: $3.6 per gallon (~$1 per liter)
    Average daily wage: $4.28
    Daily wages spent on one gallon of gas: 84.11%
    Cambodia should be on the top of the list(sorry India)
  • Marcus on August 02 2018 said:
    August 2018
    Mexico: $3.86 per gallon... and increasing (low quality 87 octane)
    Average daily wage: $4.74
    Daily wages spent on one gallon of gas: 81.43%
  • Tom Adams8 on December 11 2018 said:
    Ridiculous comparison of gas price to average wage ... in countries like India, in particular, where the average wage is so low that those making the average have no vehicles, and/or no regular need for gasoline purchase. Whether gas is 10 cents a gallon or 1000 dollars a gallon, those millions of people are not directly affected. True, there is an indirect impact on the prices of transported goods, but it is not the same as what your statistic might lead one to believe. Those in India, who actually own vehicles and/or regularly buy gas are wealthier and far less impacted than your statistic indicates. As another comment noted, your wage comparison is about as useful ... about as truthtelling for that average wage earner ... as quoting the price of diamonds.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News