Gasoline prices around the world
Fuel prices in different countries range from a few cents to around 10 U.S. dollars per gallon. Although located in a region where oil is abundant, gasoline is particularly expensive in Turkey. According to data published by Bloomberg, over one third of a day’s wages is needed to buy a gallon of gas here. The high price is largely attributable to the country’s gas tax, which is counted among the highest in the world. Other factors driving gasoline prices include local demand, processing and distribution costs, the strength or weakness of local currencies and crude oil prices. In terms of the oil price, it is important to bear in mind that crudes - such as UK Brent, the OPEC basket grades and U.S.-sourced West Texas Intermediate - are publicly traded and prone to rallies. Therefore, spot prices of different crudes are highly volatile and may vary considerably.