The cost of petrol in the UK compared with the rest of the world
The price of petrol in the UK has gone through the roof. Here, Saloni Sardana looks at how the UK petrol price compares with the rest of the world.
The price of petrol is rising sharply in the UK, adding to the cost of living crisis.
The cost of filling an average family car with petrol in the UK crossed £100 for the first time last week.
Why the price of petrol is rising in the UK
The price of petrol is rising primarily because of volatile oil prices and the rising cost of energy. Petrol prices are closely related to the wholesale cost of oil, and typically rise by 1p for each $2 rise in the oil price. Oil prices are partly higher because of higher demand after Covid-19 restrictions were eased. Russia’s invasion of Ukraine has also contributed.
The average price of petrol in the UK is about £1.85 ($2.2) right now, says the RAC. According to data from Trading Economics, UK petrol prices are some of the most expensive compared to other G20 countries.
The cheapest places in the world to buy petrol
The cheapest place on Earth to fill up your car is Venezuela, at $0.02 per litre. Venezuela is home to some of the world’s largest oil reserves, and oil accounts for 99% of export earnings, says oil cartel Opec.
Next comes Kuwait, where a litre of petrol costs $0.28. Then comes Iran, with petrol at $0.36 a litre.
The cheapest G20 country is Indonesia, at $0.52 a litre.
The most expensive places to buy petrol
Right now, petrol in the UK is more expensive than in most G20 countries, behind Germany and France where filling up your car will cost you around $2.40 a litre.
Hong Kong is widely recognised to have the most expensive petrol in the world at around $2.96 per litre. The country primarily relies on a small number of companies in Singapore to import petrol and transportation costs are high.
The only place where petrol is more expensive than Hong Kong is Lebanon at $19.96 per litre. Prices in Lebanon are extraordinarily high as several crises, the pandemic, a plunging crisis and an explosion in Beirut’s port in 2020 have all battered the Lebanese economy and sent the cost of petrol through the roof.
The UK’s diesel price is also high at $2.32 (£1.93), while Hong Kong has the highest diesel price globally at $2.73