(First published on GoodThingsGuy.com)
Following the petrol price increase this week, a litre of petrol in South Africa costs 82 cents more while diesel has gone up 85 cents
This is the highest price South Africans have ever paid for fuel! So how do the prices here compare to the rest of the world?
The average price of petrol around the world is R14,75 per litre as of 6 June 2018.
As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower 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 petrol is vastly different.
The price paid by consumers largely reflects national pricing policy
Some regions, such as Europe and Japan, impose high taxes on petrol; others, such as Saudi Arabia and Venezuela, subsidise the cost.
GlobalPetrolPrices.com publishes the most wide-ranging and reliable data on retail fuel prices around the world tracking over 150 countries on a weekly basis.
In the most recent report, it can be seen that Venezuela pays the least for petrol, at $0.01 per litre which roughly works out to 13 South African cents, while Icelanders can pay up to R27 for a litre. South Africa falls in the high middle range but the cost of fuel does not take the cost of living into consideration.
We took a cross-section of the data to show popular countries and their prices:
- Venezuela @ R0,13 cents per litre
- Egypt @ R4,64 per litre
- UA Emirates @ R8,68 per litre
- USA @ R10,97 per litre
- Thailand @ R14,55 per litre
- Canada @ R15,44 per litre
- South Africa @ R15,69 per litre
- Japan @ R17,35 per litre
- Spain @ R19,90 per litre
- New Zealand @ R20,93 per litre
- UK @ R21,95 per litre
- France @ R23,35 per litre
- Iceland @ R27,43 per litre
Click here to see a full list of petrol prices from around the world.
Sources: Global Petrol Prices
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