Venezuela Raises Gas Price to $0.60 a Liter, Still Remarkably Low

By Douglas A. McIntyre Updated Jan 13, 1:04PM EST · Published Feb 18, 6:37AM EST

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Venezuela Raises Gas Price to $0.60 a Liter, Still Remarkably Low — © Thinkstock

The Venezuelan government has raised gasoline prices to $0.60 per liter (in U.S. dollars). While the increase from $0.01 per liter may be back-breaking for drivers in the country, it is still next to nothing compared to most of the rest of the world.

According to Global Petroleum Prices, Europe’s gas prices are sky-high compared to much of the rest of the world. The price in Spain is $1.22 and in Germany $1.26. In Switzerland, $1.38; France, $1.39; and Sweden, $1.46. In the United Kingdom is it $1.47, while in Italy it is $1.55.

The highest price for gas though is $1.76 a gallon in Hong Kong.
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Economists would argue that the price of gas is relative, because many of the nations with high prices also have populations with high incomes and standards of living. They would also argue that oil price decreases have helped the nations in Europe and Hong Kong.

Tell that to the drivers in Venezuela.

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.