Energy

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

Douglas A. McIntyre

Published: February 18, 2016 6:37 am

Last Updated: January 13, 2020 1:04 pm

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.

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.