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SEE: As South Africans feel the pain at the pumps here's what motorists are paying for petrol around the globe

2018-07-09 10:00


South African motorists are still reeling from record high fuel prices; the price of petrol breached the R16/litre mark in July 2018.

As local motorists feel the pain at the pumps, we look at fuel prices around the world.

The most expensive petrol price is Iceland at $2.11 (the equivalent or R28.40), reports Globalpetrolprices.com. The global average is $1.17, the equivalent of R15.63.

According to Globalpetrolprices.com: "The average price of fuel (gasoline) around the world is $1.17 per litre. However, there is substantial difference in these prices among countries.

"As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the US which is an economically advanced country but has low gas prices.

"The differences in prices across countries are due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different."

We look at global fuel prices below:

Read more on:    petrol prices  |  south africa

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