- A barrel of oil has fallen in price, since peaking in October 2018. Yet not all countries have seen prices fall.
- Venezuela has cheapest gallon at $0.01 and Hong Kong most expensive at $7.61
Crude oil has fallen from a 52 week high of $75/barrel in October to just under $55 in February 2019. Each country has experienced a different story, however. Below is a chart showing which countries had the most affordable fuel and which were still feeling pain at the pumps.
Note: The lighter the shade of blue, the lower the cost.
The average price of a gallon is $0.01 in Venezuela but $7.61 in Hong Kong. Keep in mind that the USD is currency used to measure the price, so fluctuations in exchange rates will impact the USD price. In Venezuela’s case, the inflation of their currency, the bolivar, has made the price seem relatively cheaper than it actually is for locals.
Much of the Euro zone is seeing some of the highest prices, due to the fact that the commodity is imported from the likes of OPEC producers.
Article by: Francisco Cortez – Delgado
I graduated from Queen’s University with a Master’s of Political Studies. The intertwined world of politics and economics intrigue me. My favourite stories to cover are the ones that show how a few selected officials can impact nationwide macro-economic policies. I also follow the broader markets and FOREX.