Gasoline prices, Liter, 29-Apr-2024

Gasoline prices, Octane-95, 29-Apr-2024: The average price of gasoline around the world is 1.316 U.S. Dollar per Liter.

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Usually, richer countries have higher prices, and countries that produce a lot of oil or are not as wealthy tend to have lower prices.

The United States is interesting because it's a rich country but has relatively cheap gas. This happens because every country has its own rules about taxes and subsidies on gas. These rules affect how much gas costs for people.

Looking at gas prices in different regions, we see some areas where prices stay about the same, while others have big changes. Things like world events, how well the economy is doing, and the rules in each region can make gas prices go up or down. Understanding why prices change is important for people who use gas, businesses, and the people who make the rules about gas prices.

How Taxes and Subsidies Affect Gas Prices

The cost of gas is connected to the taxes and subsidies that countries use. Rich countries, where people usually have a higher standard of living, often have more taxes on gas. These taxes make gas more expensive for everyone. But in less wealthy countries or countries with a lot of oil, the government might give money to help people pay for gas. This helps keep gas prices lower, even when the cost of oil goes up and down. So, the prices we see for gas around the world are a mix of the rules each country makes and how much oil is worth.