The Real Cost of Filling Up

Gasoline Prices around the World: The Real Cost of Filling Up

Gas prices have tumbled across the planet—9 percent on average below the last quarter. But behind those numbers comes a range of price swings experienced differently by every nation. We ranked 61 countries by three economic measures to see which has the most affordable gas and which feels the most pain at the pump.

world gas

Iran Starts Gasoline Export

The National Iranian Oil Refining and Distribution Company has started exporting gasoline to international markets, CEO of the company said.

Alireza Sadeqabadi made the statement in a press conference in Bandar Abbas, Hormozgan Province, on Sunday.

"Not only is the fuel exported, namely to Iraq, Afghanistan, the Persian Gulf littoral states and the semi-autonomous region of Iraqi Kurdistan, but is also offered on the energy stock exchange," Sadeqabadi was quoted as saying by ISNA, adding that no gasoline was imported since September.

Other types of fuels including kerosene, diesel and jet fuel are also exported, especially to the neighboring Arab states, the head of NIORDC said without providing details.

In a recent analyses, Bloomberg suggests that  years of economic sanctions starved Iran of oil revenue. The country’s finances got so bad that in 2010, Iran began a phased plan to curb its popular energy subsidies. It still has some of the biggest. A new round of sanctions by the Trump administration has slashed Iranian oil exports.

Iran Gasoline

 

Iran affordability

 

Saudi Arabia

Methodology

The gas price ranking visualizes gasoline data from 61 countries. The information is sorted by average fuel price and by affordability, the percentage of a day’s wages needed to buy a unit of gas. Also shown is the percentage of personal income spent each year filling up.

Gas prices are provided by GlobalPetrolPrices.com and are for 95-octane from the final week in each quarter listed, except for Q1 2018, which are from April 16, 2018. Local gas prices were converted into listed currencies using end-of-day exchange rates on the same day. Visualization data were compiled by Bloomberg, IMF, UN, and World Bank.

Income figures are GDP per capita in local currency for the year selected, while income in other currencies is calculated using the same method as with gas price conversions. Figures for gas consumption are based on UN data for motor gasoline by road in 2016, the latest year available. Figures for Venezuela are calculated using the approximate black-market exchange rate for the bolivar, via dolartoday. The exchange rate for Iran is taken from the UN’s Operational Rates of Exchange.

The earliest available price for Nigeria was the third quarter of 2015. This price was used for all prior quarters. The only available price for Iran was the second quarter of 2015. This price was used for all quarters listed. Lithuania adopted the euro on January 1, 2015. Prices for Lithuania in 2014 are shown in euro equivalent.

Figures for prior quarters use data reported at the time of publication and do not reflect any subsequent revisions.

Country descriptions are drawn from the CIA Factbook, government energy agencies and Bloomberg reporting.

Source: Bloomberg.com

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