Check out Gasoline prices around the world per litre. Who is the cheapest?

We reported this week that after five consecutive weeks of rollbacks, prices of diesel and kerosene in the Philippines are set for a big-time hike on Tuesday this week.

In separate advisories, Caltex, Cleanfuel, Seaoil, and Shell said they will increase diesel prices by PHP2.60 per liter and PHP0.70 per liter on gasoline.

Caltex, Seaoil, and Shell will also raise prices of kerosene by PHP2.80 per liter.

Other local oil industry players are expected to follow suit.

With the price adjustments in the previous week, gasoline prices have increased since the start of the year by PHP27.40 per liter, PHP36.30 per liter for diesel, and PHP30.35 per liter for kerosene.

According to Global Petrol Prices.com the average price of Octane-95 gasoline around the world on 22nd August 2022 was 1.36 U.S. Dollar per litre.

However, there is a substantial difference in these prices among countries.

As a rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices.

One notable exception is the U.S. which is an economically advanced country but has low gas prices.

The differences in prices across countries are due to the various taxes and subsidies for gasoline.

All countries have access to the same petroleum prices of international markets but then decide to impose different taxes.

As a result, the retail price of gasoline is different.

Here is their current list of prices around the world on 22nd August 2022.

Industry experts said the increase in petroleum prices this week is driven by a tightening of supply, with United States crude inventory declining and the sanctions against Russia continuing to impact demand and supply dynamics and affecting prices.

If you are unlucky to buy your gas in Hong Kong expect to pay a whopping US$2.98 the most expensive litre in the world.

Venzuuela pumps

Cheapest was Venezuela who charge just $US0.022 a litre.

Malaysia had the lowest rate by far in Asia at US$0.457. Vietnam is US$1.07, Thailand US$1.24 and the Philippines is shown at US$1.314 per litre.

Let’s hope the governments around the world maintain low taxes so we can at least afford to drive somewhere!!!