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Daily Mirror
Daily Mirror
Business
Benjamin Lynch & Christian Abbott

Petrol prices around the world - how UK compares as some sell for LESS than 1p a litre

Petrol prices in the UK have reached all-time highs, with experts warning costs will go up again.

The average price of petrol rose to 1.17p per litre on July 25, though prices have remained in flux week on week.

Some areas of the country are charging over £2 a litre and fill-ups for a family car now cost over £100.

Motorists from across the country are already struggling with mounting costs thanks to the cost of living crisis that is seeing inflation rising, energy prices soar and people struggling with their bills.

Prices around the world are hiking up as the war in Ukraine makes what was already a problem with oil prices even worse.

Some Brits will be struggling to pay petrol costs (Adam Gerrard / Daily Mirror)

As countries turn away from using supplies from Russia - the world's third-biggest supplier of oil - prices are rising and hitting the pockets of consumers, while government attempts to control the problems appear to be making little impact.

Taxes also play a part and at £1 a litre, 75% of the cost is tax. VAT also contributes to the pump price.

It isn't just the UK, which is committed to phasing out Russian oil by the end of 2022, that is struggling with petrol costs.

Where is petrol most expensive?

Hong Kong's petrol prices are the highest in the world (Getty Images/iStockphoto)

Thanks to the war in Ukraine and oil supplies already being in high demand, the price of oil around the world is going up and the highest petrol prices can currently be found in Hong Kong.

According to Global Petrol Prices, a price of 2.477p per litre can be found in the administrative region, followed by Iceland with 2.041p.

Israel and Norway follow close behind, at 2.000p and 1.990p, respectively.

The UK has entered the top 10, sitting a a worrying ninth place with 1.867p per litre.

Prices come from the latest data published on July 25, 2022.

Where can I find cheap petrol?

Venezuela is the cheapest place for petrol due to its own supply (FEDERICO PARRA/AFP via Getty Images)

Petrol prices around the world vary dramatically due to numerous factors, though countries with their own supply are unsurprisingly low.

As the UK relies on foreign imports of petrol, prices are shockingly high, though Venezuela, which has some of the highest natural reserves in the world, is currently the cheapest at 0.018p per litre.

Libya and Iran are close behind on 0.026 and 0.044, respectively.

Places with higher oil reserves often have much cheaper fuel and as a result, there are a host of Middle Eastern countries such as Qatar, Egypt, Iraq, Kuwait and Yemen among the best performers for petrol prices.

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