Petrol prices in the UAE are among the lowest in the world – thanks to the government subsidy, according to latest statistics.
Figures released by Bloomberg show that a gallon of petrol costs $1.77 (Dh6.5) in the UAE, which is sixth most economical in the world.
In the UAE, petrol retail price for 95 octane is Dh1.72 per litre and Dh1.83 for 98 octane. UAE petrol retail market is dominated by national companies led by Abu Dhabi National Oil Company (Adnoc), Emarat, Eppco and Enoc.
Bloomberg said the UAE is the world’s eighth biggest oil producer, and as of 2010, it was subsidising about 68 per cent of its petrol price. Average daily income is $121 so it takes 1.5 per cent of a day’s wages to buy a gallon of petrol.
Global top 10 cheapest destinations to fill up your vehicle’s fuel tank
Despite being a poor country but a major oil producer, petrol prices are lowest in Venezuela where it costs just $0.04 per gallon.
After Venezuela, the top 10 countries selling cheapest petrol are Saudi Arabia ($0.45), Kuwait ($0.81), Egypt ($1.01), Iran ($1.52), UAE ($1.77), Nigeria ($2.23), Malaysia ($2.42), Russia ($3.19), and Mexico ($3.58).
Bloomberg data showed that petrol prices are the highest in European countries as Norway citizens paying the highest for a gallon.
Despite being a major oil producer in the world, petrol per gallon cost in Norway is $9.79. Second comes the Netherlands, where one gallon costs $9.46 followed by Italy ($9.34), Denmark ($9.14), Greece ($8.81), Belgium ($8.61), Portugal ($8.56), Germany ($8.50), Turkey ($8.47) and Finland ($8.44).
Among the other major world countries, petrol prices in the UK are the 13th highest in the world as the Brits pay $8.25 for a gallon of petrol.
The petrol per gallon price is $7.51 in Switzerland, $6.65 in South Korea, $6.55 in Singapore, $5.84 in Japan and $5.27 in Australia.
Petrol gallon cost in the world’s largest consumer US is $3.69 – which is rated 51st on the list.
In India and Pakistan, a gallon costs $4.79 and $4.08, respectively. Bloomberg said Pakistanis must put in more than a full day’s work to afford a single gallon as average daily income in the country is $3.55.
It costs $4.73 in China, $4.50 in Canada, $4.48 in the Philippines and $3.19 in Russia.
[Data compiled by Bloomberg, Associates for International Research Inc., Europe’s Energy Portal, the International Monetary Fund and the US Energy Information Administration. Gas prices are from March 31-April 29.]