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Аналитика // World market

Top 10 countries with the cheapest and most expensive gas

25 июля 2016 г., 13:07Emily ShahNeftegaz.RU, The Fiscal Times468

In high-wage nations, expensive gas prices are by and large affordable for the population. For example, Norway's gasoline price of $6.53 a gallon is the third highest in the world, but its average citizen earns nearly $200 a day.

This combination means that Norway's high prices are the 10th most affordable in the world. On the other end of the spectrum, Nigeria, Africa's leading oil producer, boasts the 7th cheapest gas prices in the world at $1.94 a gallon. But when coupled with an $8 average daily wage, Nigeria's gas becomes the 4th least affordable in the world.

The U.S. consumes more gasoline than any other country, and the average household spends about $2,000 a year on gas. But in the last few years, low gas prices have given millions of drivers extra money to spend or save.

In the rest of the world, gas prices tend to be higher. But the nominal price of gasoline doesn't provide a complete picture of how expensive the fuel really is in a given country. In order to determine the affordability of gasoline (or any other product), you have to compare the price to income. A recent Bloomberg report compared gas prices in different counties to the average national paycheck to find where gas really is the most, and least, affordable.

Here are the 10 most and least affordable countries for gasoline when measured against average national incomes.

Most Affordable:

1. Venezuela

Price per gallon: $0.02

Average daily wage: $16.14

Daily wages spent on one gallon of gas: 0.95 percent

2. Kuwait

Price per gallon: $0.88

Average daily wage: $68.69

Daily wages spent on one gallon of gas: 1.27 percent

3. United States

Price per gallon: $2.57

Average daily wage: $156.34

Daily wages spent on one gallon of gas: 1.64 percent

4. Luxembourg

Price per gallon: $4.69

Average daily wage: $285.13

Daily wages spent on one gallon of gas: 1.66 percent

5. Saudi Arabia

Price per gallon: $0.91

Average daily wage: $52.77

Daily wages spent on one gallon of gas: 1.72 percent

6. United Arab Emirates

Price per gallon: $1.80

Average daily wage: $90.13

Daily wages spent on one gallon of gas: 2.00 percent

7. Switzerland

Price per gallon: $5.58

Average daily wage: $213.60

Daily wages spent on one gallon of gas: 2.58 percent

8. Australia

Price per gallon: $3.57

Average daily wage: $134.27

Daily wages spent on one gallon of gas: 2.58 percent

9. Canada

Price per gallon: $3.45

Average daily wage: $110.41

Daily wages spent on one gallon of gas: 2.96 percent

10. Norway

Price per gallon: $6.53

Average daily wage: $190.47


Least Affordable:

1. India

Price per gallon: $3.75

Average daily wage: $4.77

Daily wages spent on one gallon of gas: 80.20 percent

2. Pakistan

Price per gallon: $2.32

Average daily wage: $3.97

Daily wages spent on one gallon of gas: 56.71 percent

3. Philippines

Price per gallon: $3.17

Average daily wage: $8.14

Daily wages spent on one gallon of gas: 39.69 percent

4. Nigeria

Price per gallon: $1.94

Average daily wage: $8.00

Daily wages spent on one gallon of gas: 34.85 percent

5. Egypt

Price per gallon: $2.66

Average daily wage: $10.25

Daily wages spent on one gallon of gas: 28.40 percent

6. South Africa

Price per gallon: $3.19

Average daily wage: $13.03

Daily wages spent on one gallon of gas: 23.64 percent

7. Indonesia

Price per gallon: $2.23

Average daily wage: $9.89

Daily wages spent on one gallon of gas: 22.36 percent

8. Thailand

Price per gallon: $3.44

Average daily wage: $16.23

Daily wages spent on one gallon of gas: 21.84 percent

9. Turkey

Price per gallon: $5.77

Average daily wage: $26.13

Daily wages spent on one gallon of gas: 21.22 percent

10. Bulgaria

Price per gallon: $4.05

Average daily wage: $18.93

Daily wages spent on one gallon of gas: 21.19 percent


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