Sample data: global fuel prices In 2017, the global average price of gasoline was 0.86 US dollar per litre (USD/l), a 2% increase compared to the previous year. Prices varied greatly across countries: from 0.24 USD/l in Saudi Arabia to over six times that amount in Norway (1.77 USD/l). Both of these countries are crude oil exporters, and the price difference between them is mainly determined by national policy decisions. Government policy – in the form of taxes and/or subsidies – strongly influences how prices at the pump vary around the world.In general, European consumers pay the highest gasoline prices, generally reflecting high taxes on fuels.
At the other end of the spectrum, the lowest prices are found among countries that subsidise liquid fuels. Gasoline prices in USD per litre Mid-grade gasoline in 2017 unless otherwise specified In recent years, automotive diesel and gasoline prices have tracked movements in crude oil prices. Global pump prices are, on average, significantly higher than the underlying crude spot prices as they also reflect transformation, transport and marketing costs, as well as taxes levied on fuel sales. At a global level, gasoline is less expensive than automotive diesel despite being more expensive in most individual countries, as the global average for gasoline is more influenced than that of diesel by the lower price levels of the United States. At a regional level, pump prices track movements in crude markets more closely in the United States than in the European Union – largely reflecting taxation structure. For example, in Europe most taxes are levied on a per volume basis while in the United States, taxes are usually ad valorem (proportional to the value). Specific policy effects also decouple trends in product prices from those of crude, for example for the countries where automotive diesel […]
