Special Report
Countries With the Lowest Gas Prices in the World at the Start of 2023
Published:
The average price of gasoline around the world is $4.94 a gallon, according to GlobalPetrolPrices.com. However, there is a wide difference in these prices among countries.
To identify the countries with the lowest gas prices at the start of 2023, 24/7 Wall St. reviewed the average price of gasoline in gallons in 168 countries from retail energy price data tracking website GlobalPetrolPrices.com. We considered the 36 countries with the lowest prices as of Jan. 23, 2023, starting with the United States. Population data is for 2021 and came from the World Bank’s World Development Indicators database.
Gasoline prices are determined by crude oil cost, refining cost, distribution cost (wholesale and retail), and taxes. Because oil is a commodity on worldwide markets, countries generally have access to crude petroleum and refined oil products at similar prices in international markets. The distribution cost is relatively small, according to GlobalPertrolPrices.com, which leaves taxes as the main difference in gas prices across countries.
Once countries produce or import gasoline, they can choose to impose different taxes (excise, value-added, sales) or provide subsidies, which then account for much of the differences in prices across countries. The same holds true for different gas prices in U.S. states.
In general, richer countries have higher gasoline prices than poorer nations and the countries that produce and export oil. The price of a gallon of gasoline in Hong Kong is $11.16, the most expensive on the planet. Six European nations – Norway, Iceland, Denmark, Monaco, Greece, and Finland – have among the 10 most expensive gasoline prices in the world. The price of gasoline in oil-rich Venezuela is subsidized and is the cheapest in the world at just 6 cents a gallon. (This is the country that has the most oil.)
The U.S. is a notable outlier as an advanced nation with relatively low gasoline prices. Prices in the Western states are about 20% higher than the national average, and in California, they are about 50% higher. The prices in the Midwest and the South are about 5% to 10% lower than the national average. In the Northeast, prices are about 5% higher. (This is the price of gas every year since 1990.)
Click here to see countries with the lowest gas prices in the world at the start of 2023.
36. United States
> Gasoline prices, Jan 23, 2023: $3.74 / gallon
> Population: 331,893,745
[in-text-ad]
35. Uzbekistan
> Gasoline prices, Jan 23, 2023: $3.72 / gallon
> Population: 34,915,100
24/7 Wall St.
34. Argentina
> Gasoline prices, Jan 23, 2023: $3.71 / gallon
> Population: 45,808,747
33. Belarus
> Gasoline prices, Jan 23, 2023: $3.69 / gallon
> Population: 9,340,314
[in-text-ad-2]
32. Vietnam
> Gasoline prices, Jan 23, 2023: $3.68 / gallon
> Population: 97,468,029
31. Morocco
> Gasoline prices, Jan 23, 2023: $3.67 / gallon
> Population: 37,076,584
[in-text-ad]
30. Brazil
> Gasoline prices, Jan 23, 2023: $3.62 / gallon
> Population: 214,326,223
24/7 Wall St.
29. Pakistan
> Gasoline prices, Jan 23, 2023: $3.53 / gallon
> Population: 231,402,117
28. Grenada
> Gasoline prices, Jan 23, 2023: $3.45 / gallon
> Population: 124,610
[in-text-ad-2]
27. Indonesia
> Gasoline prices, Jan 23, 2023: $3.30 / gallon
> Population: 273,753,191
26. Suriname
> Gasoline prices, Jan 23, 2023: $3.28 / gallon
> Population: 612,985
[in-text-ad]
25. Afghanistan
> Gasoline prices, Jan 23, 2023: $3.19 / gallon
> Population: 40,099,462
24/7 Wall St.
24. Tunisia
> Gasoline prices, Jan 23, 2023: $3.09 / gallon
> Population: 12,262,946
23. Kyrgyz Republic
> Gasoline prices, Jan 23, 2023: $2.88 / gallon
> Population: 6,691,800
[in-text-ad-2]
22. Russian Federation
> Gasoline prices, Jan 23, 2023: $2.83 / gallon
> Population: 143,449,286
21. United Arab Emirates
> Gasoline prices, Jan 23, 2023: $2.75 / gallon
> Population: 9,365,145
[in-text-ad]
20. Ecuador
> Gasoline prices, Jan 23, 2023: $2.40 / gallon
> Population: 17,797,737
19. Oman
> Gasoline prices, Jan 23, 2023: $2.35 / gallon
> Population: 4,520,471
18. Saudi Arabia
> Gasoline prices, Jan 23, 2023: $2.35 / gallon
> Population: 35,950,396
[in-text-ad-2]
17. Azerbaijan
> Gasoline prices, Jan 23, 2023: $2.23 / gallon
> Population: 10,137,750
16. Colombia
> Gasoline prices, Jan 23, 2023: $2.21 / gallon
> Population: 51,516,562
[in-text-ad]
15. Qatar
> Gasoline prices, Jan 23, 2023: $2.18 / gallon
> Population: 2,688,235
14. Bolivia
> Gasoline prices, Jan 23, 2023: $2.05 / gallon
> Population: 12,079,472
13. Bahrain
> Gasoline prices, Jan 23, 2023: $2.01 / gallon
> Population: 1,463,265
[in-text-ad-2]
12. Iraq
> Gasoline prices, Jan 23, 2023: $1.95 / gallon
> Population: 43,533,592
11. Malaysia
> Gasoline prices, Jan 23, 2023: $1.81 / gallon
> Population: 33,573,874
[in-text-ad]
10. Kazakhstan
> Gasoline prices, Jan 23, 2023: $1.73 / gallon
> Population: 19,000,988
9. Nigeria
> Gasoline prices, Jan 23, 2023: $1.68 / gallon
> Population: 213,401,323
8. Turkmenistan
> Gasoline prices, Jan 23, 2023: $1.62 / gallon
> Population: 6,341,855
[in-text-ad-2]
7. Egypt, Arab Rep.
> Gasoline prices, Jan 23, 2023: $1.36 / gallon
> Population: 109,262,178
6. Kuwait
> Gasoline prices, Jan 23, 2023: $1.30 / gallon
> Population: 4,250,114
[in-text-ad]
5. Algeria
> Gasoline prices, Jan 23, 2023: $1.28 / gallon
> Population: 44,177,969
4. Angola
> Gasoline prices, Jan 23, 2023: $1.20 / gallon
> Population: 34,503,774
3. Iran, Islamic Rep.
> Gasoline prices, Jan 23, 2023: $0.20 / gallon
> Population: 87,923,432
[in-text-ad-2]
2. Libya
> Gasoline prices, Jan 23, 2023: $0.12 / gallon
> Population: 6,735,277
1. Venezuela, RB
> Gasoline prices, Jan 23, 2023: $0.06 / gallon
> Population: 28,199,867
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
