Highest Gas Price Increases in the World Announced – Top Countries Ranked
Australia – (Sidepost) The world’s largest economies have been increasing gas prices at an alarming rate over the past five years, but which countries are leading this charge? The Sidepost team tracked 23 countries in the G20 find out.
Top 5 countries with the highest relative increase in fuel costs year on year – (June 2021 – June, 2022)
1. Turkey – 70%
Cost to Fill a Tank (42L) – $37.80 > $64.262.
2. United States – 60%
Cost to Fill a Tank – $34.02 > $54.603.
3. Canada – 42%
Cost to Fill a Tank – $47.04 > $66.784.
4. Australia – 36%
Cost to Fill a Tank – $44.94 > $61.325.
5. Spain – 34%
Cost to Fill a Tank – $71.82 > $96.18.
More information about the top 5 countries with the highest gasoline price increases year by year (June 2018 – June, 2022)
Top 5 Countries that have experienced the highest fuel cost increases over 5 Years (June 2018-June, 2022)
Over the past five years, the USA, Canada, Spain, Singapore, and the United Kingdom saw the most significant hikes in total relative price increases. However, it doesn’t mean that they all have the most expensive petrol.
1. United States – 71%
Cost to fill a tank (42L) – $31.92 (42L) > $54.602.
2. Canada – 56%
Cost to fill a tank – $42.84 > $66.783.
3. Spain – 49%
Cost to Fill a Tank – $64.68 >; $96.184.
4. Singapore – 36%
Cost to Fill a Tank – $69.30 > $99.125.
5. United Kingdom – 34%
Cost to Fill a Tank – $70.98 > $97.44
Despite the USA seeing the highest relative fuel price increase, they still only rank 15th in the G20 at a total cost of $1.30 per litre. The United Kingdom, which saw a more minor total relative increase of 34%, is still paying more at the pump than the USA, averaging at $2.32 per litre. In other words, the British are paying nearly double of what Americans are for their gas.
More information about the top 5 countries with the highest gasoline price increases in the past five years
Top 10 Countries with the Highest Fuel Costs Worldwide
The Netherlands, Singapore, United Kingdom, France, and Italy rounded up the top five most expensive countries for petrol worldwide:
1. Netherlands – $2.54 per litre
2. Singapore – $2.36 per litre
3. United Kingdom – $2.32 per litre
4. France – $2.27 per litre
5. Italy – $2.26 per litre
6. Italy – $2.26 per litre
7. Switzerland – $2.24 per litre
8. Germany – $1.94 per litre
9. South Korea – $1.64 per litre
10. Canada – $1.59 per litre
Australia, despite seeing a 36% relative increase in fuel prices year on year, doesn’t rank in the top 10 for the most expensive gas. Today, the average cost of a litre of petrol in Australia is $1.46.This information provides context and clarity for how much people are spending on petrol in their home country, as well as relative to other nations. Perhaps, this can help to inform future decision-making around fuel costs and propel nation citizens to ask their government for better policies surrounding fuel prices.
The full report can be viewed here and the raw data was sourced from tradingeconomics.com, which can be viewed here.
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Published Mon, 11 Jul 2022 12:51:43 -0500
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