The price of gasoline varies nationally and internationally. The price is affected by crude oil prices, refining & transportation costs, local supply and demand, currency fluctuations, and taxation and subsidy levels.
Pricing in the United States
As of July 2008, the nationwide average price of gasoline was $4.05 per US gallon ($1.07 per liter). State fuel taxes are on average 28.6 cents per US gallon, which combined with 18.4¢ Federal tax gives an average rate of 47 cents per US gallon (12.4 ¢/L).
Pricing around the world
Gasoline in Canada costs on average 1.40 C$/L (5.22 US$/US gal). Fuel taxation is higher than in the US, but varies greatly from between 16.2 and 30.5 ¢/L (0.612 and 1.153 US$/US gal).
In contrast with North America, gasoline prices in Europe are much higher – between two and four times more expensive, a consequence of high fuel taxation. Norway has the highest prices (14.23 NOK/L, 11.28 US$/US gal), due to a tax rate of 170% (US$1.42 per liter).
The average price in the United Kingdom (July 2008) is £1.19/L (8.99 US$/US gal). This price includes fuel duty, paid per liter, and 17.5% VAT paid on the fuel and on the fuel duty. The U.K. has the ninth highest price in Europe.
Some countries subsidise their gasoline, including Middle-Eastern Iran, Kuwait, Saudi Arabia and Egypt, and Asian counties Burma, Malaysia, China, and South Korea. The Venezuelan government, with vast oil reserves, maintains the world's cheapest gasoline, at 0.12 US$/US gal.
- In oil-rich Norway, petrol prices most expensive in Europe
- Today's national averages. Fuel Price Reports: UK and overseas fuel prices. The AA.com Retrieved 23 July 2008.