Gasoline in Portugal ranks 15th among the most expensive in the world, according to data updated by Global Petrol Prices.

While the invasion of Ukraine has exacerbated an upward trend in the prices of fuel and other raw materials, this rise does not occur in a similar way in the rest of the world. Portugal ranks 15th among countries with the most expensive gasoline, with an average of €2,027/L (or $2,227/L).

Portugal is also part of the group of 12 European countries that dominate the ranking of the most expensive petrol in the world. This is because European taxes are largely reflected in the final price of gasoline. However, in the top 3 of the countries with the most expensive gasoline is Monaco, at €2,263/L, the Netherlands, at €2,291/L, and leading the table is Hong Kong, with €2,620/L.

Cheapest countries

By contrast, at the bottom of the table are countries such as Venezuela, Libya and Iran, where prices per litre are around €0.023/L, €0.029/L, and €0.047/L, respectively. The average world price of gasoline is currently at 1.34 $/L, or 1.21 €/L, however there are marked differences depending on the level of industrialisation of the country in question, as well as whether it is a producer or an exporter.

Developed countries, in general, tend to have more expensive gasoline, while less developed countries, producers, or exporters, see the opposite trend. The United States of America (USA), for example, has gasoline at a price of €1,114/L. However, this country represents an exception to the rule as it is both economically developed and an oil producer.