2026 Gas Prices Around the World, from Cheapest to Most Expensive

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April 30, 2026 | 11:00 pm

TEMPO.CO, Jakarta - Gas prices in the world are surging as geopolitical tensions intensify following joint U.S.–Israel strikes on Iran. The fallout from the escalation, including the reported death of Ali Khamenei, has sent shockwaves through energy markets, pushing fuel costs higher across continents.

Within weeks, at least 85 countries have recorded sharp increases at the pump, with some experiencing their steepest price hikes in years.

Data from GlobalPetrolPrices shows the worldwide average at $5.58 per gallon, with extremes ranging from just $0.09 in Libya to a steep $15.65 in Hong Kong.

The ripple effects extend far beyond the pump, as rising petrol prices drive up food costs through every stage of production and distribution. Economists warn that such spikes have historically preceded downturns, pointing to past crises like the 1973 oil crisis, 1978 oil crisis, and 2008 oil price spike as cautionary precedents.

Gas Prices in the World: Countries with the Cheapest Gas

Libya: US$0.09
Iran: US$0.11
Venezuela: US$0.13
Angola: US$1.24
Kuwait: US$1.28
Algeria: US$1.34
Turkmenistan: US$1.62
Egypt: US$1.66
Kazakhstan: US$1.99
Qatar: US$2.13

Some of these figures come from countries with the largest oil reserves like Libya, Iran, Venezuela, and Kuwait. In Libya and Iran particularly, gasoline is tagged cheaper than a bottle of water.

The US News further explained, this pricing paradox is largely driven by an abundance of domestic supply paired with relatively low demand and minimal taxation, most especially across parts of the Middle East.

Visual Capitalist also added that in many cases, governments actively intervene through subsidies, keeping fuel prices artificially low to ease living costs and maintain social stability.

Gas Prices in the World: Countries with the Most Expensive Gas

Hong Kong: US$15.65
Malawi: US$14.56
Netherlands: US$10.26
Denmark: US$10.20
Israel: US$10.00
Monaco: US$9.73
Germany: US$9.57
Liechtenstein: US$9.40
Singapore: US$9.11
Greece: US$9.10

In contrast, the world’s most expensive gas markets are often found in countries with limited natural resources and heavy reliance on imports. Without domestic oil production, these nations must ship in crude and pay for refining.

Smaller economies also face weaker bargaining power, leaving them unable to secure favorable purchase deals on the global market.

In parts of Europe, high gas prices are also by design, as governments impose steep taxes to curb driving, reduce emissions, and accelerate the shift away from fossil fuels.

Read: As Iran War Rages, Europe Gears up for Energy Crisis

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