Portuguese petrol 15th most expensive (2024)

Portugal is the 15th most expensive country when it comes to petrol.

By TPN/Lusa, in Portugal, Business · 02 Apr 2022, 08:06 · 2 Comments

Portuguese petrol 15th most expensive (1)

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.

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Comments

The difference in petrol prices in each country is due to the tax level and the introduction of subsidies. All countries pay the same amount to buy oil from the same international markets, but at the same time they introduce different taxes. Because of this, the retail price is different.

By Odd from Algarve on 02 Apr 2022, 12:47

I know this is probably not the best for economy, specially at short term. But, the more expensive, the better, this will force people to search for alternatives, given that money is always the main factor for change.

By Jose Manuel Da Silva Gomes from UK on 03 Apr 2022, 15:34