Economy

Fuel costs around the globe: The place Canada stands

In keeping with world gasoline worth monitoring web site GlobalPetrolPrices.com, Canadians spend the very best proportion of their revenue on gasoline in comparison with different G7 international locations.

Canadians spend 4.4% of their revenue on gasoline, notably increased than second-place People, who spend 3%, their knowledge reveals. Different G7 international locations similar to Japan and the UK spend half that quantity. The bottom proportion of revenue spent on gasoline belongs to these residing in France (0.7%).

When wanting on the worth per liter of gasoline, international locations with excessive inflation appear to pay extra for gasoline, with america being an exception.

The rise in gasoline costs has brought on inflation in most international locations.

Among the many G7 international locations, the UK faces the very best inflation at 9.4% and pays $2.88 per liter of gasoline. This nation can also be ranked tenth amongst 168 international locations with the costliest gasoline. That is properly above the worldwide common gasoline worth of $1.8 per liter and tops, adopted by Italy ($2.48) and France ($2.38) amongst G7 international locations.

Whereas Canada ranks close to the underside of the G7 international locations, america has the bottom value, at $1.52 per litre.

The place you will see that the costliest gasoline in the entire world

Whereas richer international locations similar to Britain and Canada pay increased costs, poorer international locations, oil producers and exporters similar to Iraq and Saudi Arabia obtain gasoline at a lot decrease costs, in line with the information.

Canadian gasoline costs are above common at $2 per litre, in comparison with the remainder of the world the place the typical worth is round $1.8 per litre.

GlobalPetrolPrices.com lists world gasoline costs in 168 international locations and Canada ranks 68th on this record.

As of June this 12 months, the typical month-to-month retail worth of gasoline has elevated by greater than 50 p.c since 2021.

However in relation to costly gasoline, many international locations are forward of Canada.

Whereas the typical worth of gasoline in mainland China is $1.76 per liter, in Hong Kong the worth of gasoline rises to $3.83, the costliest on the earth.

Iceland has the second most costly gasoline at $3.18 per litre, 37% greater than what an individual would pay in Canada.

America ranks 118th at $1.50 per liter, adopted by Indonesia and Mexico (each at $1.50 per liter).

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