“There are oil-exporting countries, like Qatar and Kuwait, that keep the price of fuel very low by subsidizing it, but there are also advanced economies, like the United States and Australia, where fuel is more expensive but incomes are high,” he explained. Neven Valev, director of Global Petrol Prices and the Global Economy Project.
“At the other end of the scale are mainly poor countries. Gasoline there is not particularly expensive but the income level is very low,” he adds.
QQatar, Kuwait, Luxembourg, United States and Australia They are the countries with the most accessible prices for the pockets of its inhabitants.
Instead Mozambique, Madagascar, Malawi, Sierra Leone and Rwanda they have the most expensive prices in relation to the income level of each nation.
The energy crisis
When the world is in the midst of an energy crisis, the price of gasoline has become a central concern in most countries that must buy fuels in international markets to supply their local demand.
The frantic increase in the price of fuels such as oil, gasoline, diesel and gas has shaken the global economy, in the midst of a inflationary wave which is hitting the household budget hard and causing disruptions in the cost of credit (due to the rise in interest rates) and economic growth.
What has happened, Valev tells BBC Mundo, is that “the effect of the war in Ukraine was added to the general trend of rising energy prices as the world economy recovered from the pandemic.”
Although the fluctuations in the price of oil in international markets affect the price of gasoline that consumers pay, the situation is very different in each country, depending on whether it is an exporter or importer of crude oil, if it has the capacity to refine it, and other factors, such as how much is the level of subsidies applied by governments.
Without considering affordability, another way to rank countries is directly by the cost of a liter of gasoline, regardless of a nation’s income level.
From this perspective, the lowest prices are in Venezuela, Libya, Iran, Algeria and Kuwait.
On the other side of the scale, with the highest prices in the market, are Hong Kong, Iceland, Zimbabwe, Norway and the Central African Republic.
What happens in Latin America
The accessibility ranking compares diesel prices in 150 countries, although not all countries are included.
This list was prepared considering the cost of filling a 40-liter gas tank as a percentage of the average monthly income per person. For example, 10% means that it takes 10% of the average income per person in a country to fill a tank of gasoline.
According to this calculation, the countries with the least expensive gasoline for their population would be Panama, Chile and Colombiawhile the countries with the highest cost are Nicaragua, Honduras and El Salvador.
It is convenient to clarify that the index uses the data of Gross Domestic Product (GDP) per capita as a measure to standardize the income per person, which means that the calculation is not based on an analysis of the average monthly income that people receive. or homes.
Source: Ambito
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