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

SEE ALSO

• What makes up the price of a litre of petrol?

• Why petrol prices are higher than in 2008, despite lower oil prices now

Recommended

What makes up the price of a litre of petrol?
Budget

What makes up the price of a litre of petrol?

The cost of filling up the average car with petrol has risen to over £100. But how is that cost made up? Saloni Sardana explains just what makes up th…
28 Jun 2022
Why a recession will do us good
UK Economy

Why a recession will do us good

A period of slimming down is always painful, but it leaves us healthier for the long run, says Matthew Lynn.
26 Jun 2022
Rail strikes and the summer of discontent – who's to blame?
UK Economy

Rail strikes and the summer of discontent – who's to blame?

The rail workers are all out and look likely to continue through the summer. Comrades in other unions are joining the strikers. Who is to blame?
25 Jun 2022
The difference between CPI and RPI inflation - and why it matters
Inflation

The difference between CPI and RPI inflation - and why it matters

The consumer price index (CPI) and retail price index (RPI) are both important indicators of inflation. But what is the difference and why do they mat…
22 Jun 2022

Most Popular

Market crash: have we hit bottom or is there worse to come?
Stockmarkets

Market crash: have we hit bottom or is there worse to come?

For a little while, markets looked like they were about to embark on a full-on crash. And that could still happen, says Dominic Frisby. Today, he look…
27 Jun 2022
Interest rates are rising, here are the best savings accounts on the market
Savings

Interest rates are rising, here are the best savings accounts on the market

With inflation at more than 9%, your savings are not going to keep pace with the rising cost of living. But you can at least slow the rate at which yo…
24 Jun 2022
Prepare your portfolio for recession
Investment strategy

Prepare your portfolio for recession

A recession is looking increasingly likely. Add in a bear market and soaring inflation, and things are going to get very complicated for investors, sa…
27 Jun 2022