The only things skyrocketing these days are covid-19 cases and petroleum prices. Even though covid-19 cases have stabilized over the past few months but the prices of petroleum are just going up. The increase in fuel prices is also the major reason all the brands are moving toward Electric Vehicles. Today, we will look at the countries with the most expensive fuel prices.
What are the major reasons for the increase in petroleum prices? One of the primary reasons for the increase in prices is the war between Ukraine and Russia. Russia is the world’s third-largest oil producer. After sanctions were put on Russia, Putin decided to increase the price of petroleum for European countries. Another reason is the taxation policy of many countries.
Therefore, we have a list of 5 countries with the most expensive fuel prices worldwide.
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Monaco is on the list with one of the world’s highest petrol prices. The petrol price in Monaco is $2.26 per liter. The major factor that led to a rise in petrol prices in European countries was the war between Russia and Ukraine. Russia is the third largest oil producer in the world, and during the war with Ukraine, Putin increased gas prices by 7 to 10 percent, making petrol expensive in all the countries of Europe.
At number four, we have Israel. The price of petrol in Israel is $2.29 per liter. Israel is an associated state of the European Union and has also been affected by the war, leading to a gas price hike. The latest economic crisis in Israel has also been one factor in the increase in fuel prices in Israel. The citizens stopped their cars on roads to protest against the price of petrol.
Norway is the third most expensive country for petrol. The price of petrol is $2.39 per liter in Norway. Although Norway is Europe’s one of the top producers of petrol, there has been a surge because of the war. For the same reason, another European country has been affected.
In the second place, we have Iceland with the price of $2.46 per liter. Therefore, it has the most expensive petroleum in Europe. The reason for the increase in the prices is the taxation on petrol. Iceland also has the highest diesel prices in Europe. Alongside taxes, the war has affected Iceland also.
1. Hong Kong
The most expensive place for petrol in the world is Hong Kong. The petrol price in Hong Kong is a whopping $3.02 per liter. The source of Hong Kong’s petrol in Singapore. There are few oil companies in Hong Kong, leading to less storage and high prices. Also, Hong Kong is an expensive country in general.
These were the top five countries with the most expensive petrol globally. While the market is unstable, petrol prices increase every week or month in some parts of the world. We will be coming up with more informative articles.
Until then, keep reading DaxStreet.