In this article, we are going to discuss the 10 countries with the highest gas prices. If you want to check out our detailed analysis of the country with the cheapest gas in the world, the impact of the Russia-Ukraine war on the oil and gas industry, the rise of biorefineries, and the size of the global oil and gas market, head to 30 Countries with the Highest Gas Prices.
10. Italy
Price of Gas per Gallon: $7.85
Italy is among the top countries with the highest petrol price in the world. The country also has a significant capacity to produce a variety of fuels and petrochemical products, including gasoline, diesel, jet fuel, lubricants, and petrochemicals.
9. Finland
Price of Gas per Gallon: $7.89
The country’s oil refining industry is aiming for more sustainable fuels and hydrogen produced with zero-carbon electricity is their key focus of R&D. The refinery by Neste Oyj in Porvoo is among the most efficient and versatile in Europe.
8. Switzerland
Price of Gas per Gallon: $7.91
Switzerland imports 39% of its crude oil from Nigeria, followed by 32% from the U.S. and 25% from Libya. The country’s sole oil refinery is located in Cressier, which meets one fourth of the country’s needs.
7. Greece
Price of Gas per Gallon: $7.93
Greece decided to impose a windfall tax on its two oil refineries at the end of last year, expecting to raise around $690.82 million. The country wants to use the tax proceeds to help households with their monthly food expenses.
6. Denmark
Price of Gas per Gallon: $8.12
Denmark imposes a tax of around $2.43 per gallon on gas, plus state taxes, which makes it one of the countries with the highest gas prices in Europe. The high taxes are used for government spending, or to discourage consumption.
5. Norway
Price of Gas per Gallon: $8.33
Norway is one of the largest oil producers in the world. The country’s total oil liquids production was around 1.97 million barrels a day in 2022, and is expected to rise to 2.26 million barrels per day in 2023. Norway exported around 1.4 million barrels per day of oil to other countries in Europe last year.
4. Netherlands
Price of Gas per Gallon: $8.37
According to the OEC, the Netherlands imported $48.4 billion of crude oil in 2021, mainly from Russia, U.K., U.S., Norway and Nigeria. The country currently has eight oil refineries, mainly in the Rijnmond area.
3. Monaco
Price of Gas per Gallon: $8.42
The Principality of Monaco is not only one of the Most Densely Populated Countries In the World but also among the countries with the highest GDP per capita. So the city-state’s residents have the financial capacity to fill their gas tanks everyday, despite the historically high gas prices by the country.
2. Iceland
Price of Gas per Gallon: $8.84
Iceland produces no fossil fuels and thus imports all of its petroleum products, which are mostly consumed in the transport and fishing sectors. The island nation was also ranked among the countries with the highest gas prices in the world in 2022.
1. Hong Kong
Price of Gas per Gallon: $11.42
The gas prices for Hong Kong are for octane-98 gasoline, as octane-95 is not currently sold in the country. The government regards unleaded petrol as a luxury item and has therefore imposed a fuel tax of $3.12 per gallon since 1997. Hong Kong is the place with the most expensive gas in the world in 2023.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a peek at 16 Biggest Offshore Oil Rig Companies in the U.S. and Top 10 Oil and Gas Stocks to Invest In According to Hedge Funds.
