Fuel prices wield considerable influence over economic landscapes, consumer choices, and national energy strategies.
Factors like taxation, subsidies, geopolitical tensions, and environmental regulations shape fuel costs significantly.
However, the rise in fuel price has an immediate impact on every sector, especially the transportation system causing a hike in the prices of goods and services.
According to a comprehensive report by Global Petrol Prices, below are the ten countries with the most expensive fuel price .
1. Hong Kong
Hong Kong tops the list of countries with the most expensive fuel price at $ 3.173(N4108.856 ) per liter.
This is due to the fact that this Asian country doesn’t have oil refinery facilities therefore, things are being imported into Hong Kong.
2. Monaco
With fuel price at $2.294 (N2970.439) per liter, Monaco becomes the second country with the most expensive fuel.
Due to its small size and limited land area, Monaco relies heavily on imported goods, including fuel, which contribute to its high fuel price and higher cost of living.
3. Denmark
Denmark is known for having relatively high fuel prices.
As a result of the heavy taxes imposed on fuel by the Danish government, it joins the league of countries with the most expensive fuel price with it sold at $2.246(N2908.749) per liter.
These taxes are intended to discourage excessive fuel consumption and promote environmentally friendly alternatives.
4. Iceland
Despite its small population, Iceland has high fuel prices due to its isolated location and reliance on imports.
With fuel prices at $2.245(N2907.452) per liter, Iceland becomes the fourth country with high fuel prices.
5. Netherlands
High taxes and environmental regulations contribute to expensive fuel in the Netherlands leaving the fuel price at $42.187(N2832.376) per liter.
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6. Norway
Norway is a major oil producer but imposes strict regulations on oil extraction, limiting domestic supply and increasing reliance on imported fuel, which further contributes to the high prices at the pump.
Additionally, fuel prices fall at $2.171(N2811.274) per liter in Norway due to the heavy taxation on fuel by the Norwegian government. These taxes are designed to encourage more sustainable modes of transportation and reduce carbon emissions.
7. Israel
With fuel prices at $2.137(N2767.460) per liter, Israel typically experiences higher fuel prices compared to many other nations.
One of the main reasons for this is its lack of significant domestic oil reserves, leading to heavy reliance on imported oil.
Additionally, taxes imposed by the Israeli government contribute to the higher cost of fuel.
8. Greece
Fuel prices in Greece stands at $2.092(N2709.654) per liter making it one of the countries with the most expensive fuel price.
Fuel prices are so high in Greece due to various taxes imposed by the government.
9. Barbados
Barbados, an island country in the Caribbean, experiences comparatively high fuel prices. One of the main factors contributing to this is its dependence on imported fuel, Barbados lacks significant domestic oil reserves.
With its fuel prices at about $2.091(N2707.928) per liter, Barbados becomes the 9th country with the most expensive fuel prices.
10. Liechtenstein
Liechtenstein’s fuel prices are influenced by various factors, including its lack of domestic oil reserves and its dependence on imported fuel.
Additionally, taxes and levies imposed by the government contribute to the overall cost of fuel sold at the rate of $ 2.081(N2695.413) per liter.