In 2024, the global average gasoline price is set at $1.30 per liter, equivalent to $4.90 per gallon, as announced by Global Petrol Prices.
Different tax, subsidy policies, international oil prices, refining costs, and transportation significantly shape varying fuel prices.
The trend generally shows wealthier countries having higher gasoline prices, while poorer and oil-producing countries tend to have lower prices.
The United States, despite being a large economy, maintains comparatively low gasoline prices.
Globally, the highest gasoline prices in 2024 are found in
- Hong Kong: $3.101 per liter
- Monaco: $2.353
- Iceland: $2.325
- Denmark: $2.114
- Netherlands: $2.085
- Israel: $2.065
- Norway: $2.052
On the lower end of the spectrum, countries like Iran, Libya, and Venezuela offer the cheapest gasoline prices, followed by Algeria, Kuwait, Angola, and Egypt.
In 2024, the gasoline prices in Latin America and the Caribbean vary significantly, reflecting each country’s diverse economic landscapes and policies.
Here are the detailed prices:
- Uruguay: $1.934 per liter – The highest in the region
- Chile: $1.441
- Costa Rica: $1.425
- Mexico: $1.423
- Peru: $1.360
- Jamaica: $1.341
- Nicaragua: $1.335
- Dominican Republic: $1.318
- Cuba: $1.260
- Brazil: $1.150
- Haiti: $1.119
- Curaçao: $1.079
- Guatemala: $1.059
- Honduras: $1.055
- Surinam: $1.042
- Colombia: $1.031
- Guyana: $1.026
- El Salvador: $1.000
- Puerto Rico: $0.970
- Panama: $0.909
- Argentina: $0.818
- Paraguay: $0.842
- Ecuador: $0.634
- Bolivia: $0.540
- Venezuela: $0.035 – Notably the lowest in the region.
These prices reflect a complex interplay of global market conditions, national economic policies, tax structures, and subsidies.
Countries like Venezuela and Bolivia, with substantial oil reserves and specific subsidy policies, offer the lowest prices.
Uruguay and Chile have higher gasoline prices despite their economic stability due to distinct taxation and economic policies.
The variation in prices across the region underscores the impact of national policies and global oil market dynamics on fuel costs.
A Deloitte report indicates that the oil and gas industry is likely to have a strong start in 2024.
This forecast’s key drivers are geopolitical factors, macroeconomic conditions, policy changes, and technological advancements.
This overview shows how global forces, national policies, and market dynamics shape gasoline costs worldwide, especially in Latin America and the Caribbean.