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.
Source: Brandon Bell / Getty Images News via Getty Images
36. United States
> Gasoline prices, Jan 23, 2023: $3.74 / gallon
> Population: 331,893,745
[in-text-ad]
Source: Lukas Bischoff / iStock via Getty Images
35. Uzbekistan
> Gasoline prices, Jan 23, 2023: $3.72 / gallon
> Population: 34,915,100
Source: Ricardo Ceppi / Getty Images News via Getty Images
34. Argentina
> Gasoline prices, Jan 23, 2023: $3.71 / gallon
> Population: 45,808,747
Source: Public Domain / Wikimedia Commons
33. Belarus
> Gasoline prices, Jan 23, 2023: $3.69 / gallon
> Population: 9,340,314
[in-text-ad-2]
Source: Linh Pham / Getty Images News via Getty Images
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
Source: Courtesy of Sol- Grand Anse Gas Station via Facebook
28. Grenada
> Gasoline prices, Jan 23, 2023: $3.45 / gallon
> Population: 124,610
[in-text-ad-2]
Source: Ulet Ifansasti / Getty Images News via Getty Images
27. Indonesia
> Gasoline prices, Jan 23, 2023: $3.30 / gallon
> Population: 273,753,191
Source: jrothe / iStock via Getty Images
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. Tunisia
> Gasoline prices, Jan 23, 2023: $3.09 / gallon
> Population: 12,262,946
Source: Public Domain / Wikimedia Commons
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
Source: Tom Dulat / Getty Images News via Getty Images
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
Source: Courtesy of Oman Oil Marketing Company via Facebook
19. Oman
> Gasoline prices, Jan 23, 2023: $2.35 / gallon
> Population: 4,520,471
Source: Mohammed Hamoud / Getty Images News via Getty Images
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
Source: Gabriel Aponte / Getty Images News via Getty Images
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
Source: Public Domain / Wikimedia Commons
14. Bolivia
> Gasoline prices, Jan 23, 2023: $2.05 / gallon
> Population: 12,079,472
Source: Leonid Andronov / iStock via Getty Images
13. Bahrain
> Gasoline prices, Jan 23, 2023: $2.01 / gallon
> Population: 1,463,265
[in-text-ad-2]
Source: Oleg Nikishin / Getty Images News via Getty Images
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
24/7 Wall St.
9. Nigeria
> Gasoline prices, Jan 23, 2023: $1.68 / gallon
> Population: 213,401,323
Source: mtcurado / iStock via Getty Images
8. Turkmenistan
> Gasoline prices, Jan 23, 2023: $1.62 / gallon
> Population: 6,341,855
[in-text-ad-2]
Source: Nirian / iStock via Getty Images
7. Egypt, Arab Rep.
> Gasoline prices, Jan 23, 2023: $1.36 / gallon
> Population: 109,262,178
Source: Francis Dean / Corbis News via Getty Images
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
24/7 Wall St.
Source: Eric Lafforgue/Art in All of Us / Corbis News via Getty Images
4. Angola
> Gasoline prices, Jan 23, 2023: $1.20 / gallon
> Population: 34,503,774
Source: John Moore / Getty Images News via Getty Images
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
Source: Susana Gonzalez / Getty Images News via Getty Images
1. Venezuela, RB
> Gasoline prices, Jan 23, 2023: $0.06 / gallon
> Population: 28,199,867
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
