November 13, 2025 | 09:08 pm
TEMPO.CO, Jakarta - Gas prices around the world vary dramatically, showing a stark contrast, particularly between oil-producing nations and those that are not. According to the U.S. News, the average global price of gasoline stood at $4.81 per gallon, as of May 26, 2025.
Topping the list of the cheapest gas prices is Libya, at just $0.106 per gallon, largely due to its status as a major oil-producing country. In this context, the basic principle of supply and demand applies, where domestic demand remains relatively low while supply stays consistently abundant.
Expanding on this, U.S. News also cited Jonathan Ernest, an assistant professor of economics at the Weatherhead School of Management, Case Western Reserve University, who explained that “Every single one of these countries on this list produces some oil, so they do have a supply, but some, like Saudi Arabia, also sell crude oil and gas at a discount to their own residents.”
Gas Prices Around the World | Countries with the Cheapest Gas
- Libya: $0.106
- Iran: $0.110
- Venezuela: $0.131
- Angola: $1.238
- Kuwait: $1.298
- Algeria: $1.317
- Egypt: $1.446
- Turkmenistan: $1.620
- Kazakhstan: $1.817
- Malaysia: $1.840
While these ten countries enjoy paying exceptionally low prices for gas, other parts of the world face costs soaring up to $7.000 per gallon. At the very top is Hong Kong, where drivers pay as much as $13.014 per gallon. According to WION News, the high price stems from several factors, including heavy taxation, costly land for petrol stations, and a lack of local refining facilities.
Beyond Hong Kong, analyst Ernest also noted that several other nations experience high gas prices for similar reasons. Among the major contributing factors are the inability to extract natural gas domestically, limited bargaining power, added fuel taxes, and government efforts to transition away from fossil fuels due to environmental commitments.
Gas Prices Around the World | Countries with the Most Expensive Gas
- Hong Kong: $13.014
- Iceland: $9.146
- Denmark: $8.298
- Netherlands: $8.135
- Liechtenstein: $8.021
- Singapore: $7.983
- Switzerland: $7.840
- Israel: $7.836
- Albania: $7.597
- Norway: $7.578
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