Thursday, 31 May 2012
Gasoline Prices Around the World
Bloomberg has put together a nice slideshow of gasoline prices around the world. I have created a table from the data in the slideshow. The data on gasoline prices were collected between April 2 and April 11 of this year. Premium gasoline was used in order to account for differences in octane. The most expensive gasoline is in Norway ($9.69) while the cheapest gasoline is in Venezuela ($0.09). Canada ranks at #38 ($5.75) below Japan ($7.58) and above the US ($4.19). Compared to other developed economies, gasoline prices in Canada and the US are actually fairly cheap. Bloomberg also calculates something which they call the pain at the pump (the percentage of daily income needed to buy a gallon of gasoline). In Canada, a gallon of gasoline costs just 4% of average daily income. Gasoline consumers in UAE, Kuwait, Saudi Arabia and Venezuela have cheap gasoline and very low pain at the pump. For other countries, the pain at the pump values vary a lot between developed and developing countries.