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Which Are Most Expensive Countries To Buy Petrol?
Petrol which is often known as gasoline was costing around $1.04 per litre on an average in the world before Russia invaded Ukraine. But since the war broke out, the supply chain dynamics changed globally and impacted fuel prices everywhere. The fuel prices vary from the region to region, depending on the taxes and subsidies provided by the local state and central governments. There are some countries that produce oil while most of the other countries import all of its oil requirements or a significant portion of it. Simple economics dictates that if domestic supply exists, rates will be lower than if it is imported, but there are other elements that influence the rate of gasoline around the world, and thus prices vary not only from country to country but also from area to area in many countries. Here is a list of countries, which have highest fuel prices currently;
Israel has a significant gasoline tax included in the pricing than other Middle Eastern nations. The average litre of fuel in Israel is around $2.25. The Israeli government controls the price of gasoline, with taxes accounting for over half of the cost of a gallon. Israel taxes gasoline while subsidising oil to the tune of $565 million per year, according to the media reports. Maritime transportation accounts for 99 percent of commodities transported to Israel, and the price of oil has an impact on that cost. Manufacturing costs are also determined by the amount of energy, oil, and the gas used. As a result, manufacturers' expenses are rising, which they pass on to their customers.
Fueling your car in Denmark is currently more expensive than it has ever been. Denmark, like other Scandinavian countries, charges a high price for petrol, with an average price of $2.33. Diesel is also priced more than in the past, with diesel prices lately breaking records. Domestic oil demand is a major reason for the skyrocketing prices. According to Drivkraft Danmark records, customers in September 1982 paid the equivalent of 15.68 Kroner per litre in current terms, despite the fact that prices measured in Kroner were the highest ever reported.
Following the rise in the cost of petrol, there have been huge protests in Zimbabwe's major cities. It is the fifth most costly location, with gasoline costing $2.35. Zimbabwe imports all of its petroleum products. It requires hard currency, which is in short supply due to the country's current serious economic difficulties. Smuggling has also been a major issue, inspite of being getting expensive it is still cheaper than that of its neighbouring countries. These activities have contributed significantly to the increase in fuel consumption in Zimbabwe, resulting in shortages. The government claims the price hikes were implemented to avoid fuel shortages and to combat the illegal fuel trade.
The citizens of Monaco, which attracts a large number of car enthusiasts, have recently exposed a dark side of owning these machines. Filling up these automobile marvels with diesel or petrol has become an expensive affair. Monaco now holds the global record for the highest price per litre of diesel. Monaco's cost of living is about four times greater than the national average, so it's no wonder that fuel costs roughly $2.48 per litre. Monaco is the world's fourth most expensive country to fill-up a car fuel-tank.
Norway has one of the highest petrol prices within the EU group, because of the high taxes levied by the government. The country exports the fifth most oil in the world. Norway is a major oil and gas exporter, with about all of the oil and gas generated on the Norwegian shelf being exported. Despite this, Norway taxes gasoline rather than subsidising it; the current cost is $2.49 a litre. The tax hike is part of a larger government initiative to combat climate change by encouraging Norwegians to drive less. Oil and gas income has played a critical part in the development of modern Norwegian society for both companies and governments.
Driving a car in the Netherlands is the costliest in Europe. Petrol cost in the Netherlands is higher than in any other European nation. It has the most expensive petrol, at $2.58 a litre, which includes carbon and fuel excise taxes. These rates are typically seen at highway gas stations, but prices elsewhere might be lesser by 10 or 20 cents. According to the European Automobile Manufacturers Association, the Netherlands has the highest petrol tax in Europe. In Hungary, motorists spend 345 euros for every 1.000 gallons of gasoline, whereas here they pay 813 euros. It seems selling gas in this country is profitable.
If you plan to travel to Hong Kong and rent a self-drive automobile, be prepared to spend a lot of money on fuel. Despite being the world's fifth most expensive city in 2021, Hong Kong leads the list of countries with the most expensive gasoline. To oppose vehicle ownership, Hong Kong officials imposed high taxes on gasoline, which currently tops the pricing list at $2.88 per litre. Another reason for expensive fuel is the price of land for gas filling stations has increased by more than 400% in the last ten years. After discovering "highly unusual" tactics that hampered market competition and resulted in Hong Kong's notoriously high fuel costs, the anti-trust authority has asked the government to interfere in the petrol market.
