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Gas prices around the world Q3 2019

Gasoline prices in selected countries worldwide in 3rd quarter of 2019 (in U.S. dollars per gallon)

by I. Wagner, last edited Oct 28, 2019
Gas prices around the world Q3 2019
At 5.86 U.S. dollars per gallon, gas prices in Germany were lower than in Norway but considerably higher than in the United States. Norway's high gasoline prices might be one of the reasons why the country is racing ahead in terms of electric mobility.

Gas prices in selected countries worldwide

Fuel prices in different countries range from a few cents to around seven U.S. dollars per gallon. Gasoline is often regarded as a key driver of a country’s economy, as it is the main fuel used in passenger vehicles and the automotive fleets of small and large businesses. The United States is one of the biggest consumers of gasoline on a per capita basis, with approximately 1.22 gallons of gas per person daily.

Fuel prices respond to crude oil price changes

One of the liquid’s main ingredients is crude oil. The spot prices of publicly traded crudes, such as U.S.-sourced WTI (West Texas Intermediate), UK Brent, and the OPEC basket grades, are highly volatile and have proven prone to rallies as of late, most recently due to tanker attacks in the Strait of Hormuz. Where access to oil is limited, this volatility is increasingly causing a shift towards alternative propulsion systems and fuels among a growing number of vehicle drivers.

Affordability of fuel

Gas prices in Europe are counted among the highest worldwide. At 7.08 U.S. dollars per gallon, gasoline is particularly expensive in Norway, although the country is located in a region where oil is abundant. While a surge in fuel prices has sparked protests among parts of the French population, car drivers in India and Pakistan feel the most pain at the pump. According to data published by Bloomberg, almost 85 percent of a day’s wages is needed to buy a gallon of gas in Pakistan. The low affordability of fuel is due to weak currencies, limited wage growth, and a level of prosperity that is yet to meet other markets' standards. The high price in countries such as the Netherlands and France is largely attributable to taxes. Other factors driving gas prices include local demand, processing and distribution costs, the strength or weakness of local currencies, and the aforementioned level of crude oil prices.
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Gasoline prices in selected countries worldwide in 3rd quarter of 2019 (in U.S. dollars per gallon)

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