• 11 hours Oil Prices Rise After API Reports Major Crude Draw
  • 12 hours Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 12 hours Gazprom Speaks Out Against OPEC Production Cut Extension
  • 13 hours Statoil Looks To Lighter Oil To Boost Profitability
  • 14 hours Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 15 hours Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 16 hours Whitefish Energy Suspends Work In Puerto Rico
  • 17 hours U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 1 day Thanksgiving Gas Prices At 3-Year High
  • 1 day Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 1 day South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 2 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 2 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 2 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 2 days ConocoPhillips Sets Price Ceiling For New Projects
  • 4 days Shell Oil Trading Head Steps Down After 29 Years
  • 4 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 4 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 5 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 5 days Venezuela Officially In Default
  • 5 days Iran Prepares To Export LNG To Boost Trade Relations
  • 5 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 5 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 5 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 5 days Rosneft Announces Completion Of World’s Longest Well
  • 5 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 6 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 6 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 6 days Santos Admits It Rejected $7.2B Takeover Bid
  • 6 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 6 days Africa’s Richest Woman Fired From Sonangol
  • 6 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 7 days Russian Hackers Target British Energy Industry
  • 7 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 7 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 7 days Lower Oil Prices Benefit European Refiners
  • 7 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 7 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 8 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 8 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
Alt Text

Is OPEC Deal Compliance About To Crash?

OPEC’s victory lap to celebrate…

Alt Text

Has The Big Oil Fire Sale Started?

The world’s largest sovereign wealth…

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

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

More Top Reads From Oilprice.com:




Back to homepage


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....

Leave a comment




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