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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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Russia Says Its Gasoline Prices Are Europe’s Cheapest

Lukoil

Gasoline prices in Russia are the cheapest in Europe, a report by state news agency RIA Novosti showed on Monday.

RIA Rating collected and ranked the price of gasoline and diesel in 33 European countries, as well as in the central Asian country and former Soviet republic of Kazakhstan. The ranking showed that Kazakhstan had the cheapest gasoline prices, while Russia’s prices were the second cheapest among the 34 counties ranked—or the cheapest gas prices of a country located (at least partially) on the European continent.

In Europe, consumers pay the most for gasoline in the Netherlands, followed by Norway, Denmark, Italy, and Greece, according to RIA Novosti.

Diesel prices are also the cheapest in Kazakhstan, followed by Russia, while Norwegian consumers pay the most for a liter of diesel in Europe, the report found.

While Russia has the cheapest gasoline prices in Europe in terms of absolute prices, the purchasing power of its consumers place it only 20th in the ranking of how much gas an average salary can buy. Leaders in this ranking are western European countries, topped by Luxembourg and Norway.

In November last year, after oil prices had reached a four-year high the previous month, Russia’s government and domestic oil companies and refineries agreed to freeze wholesale fuel prices until the end of the year to stop prices from going further up—a politically sensitive issue for Russian President Vladimir Putin who had seen his approval ratings drop to a 2012 low with an increase in pension age and higher prices at the pump seeping though inflation.

According to data from GlobalPetrolprices.com, as of January 28, 2019, Russia’s gasoline price was $2.57 per gallon, just ahead of the U.S. gasoline price of $2.59 a gallon.

The world’s cheapest gasoline is in Venezuela, but there is the issue how many Venezuelans can really afford to buy gas amid a total collapse in the economy and hyperinflation and political standoff between two leaders claiming to be presidents.

Zimbabwe has the world’s most expensive gasoline, after the government of the southern African country doubled fuel prices at the start of this year.

By Tsvetana Paraskova for Oilprice.com

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