HALF of the world’s population enjoys fuel subsidies. This estimate, from Morgan Stanley, implies that almost a quarter of the world’s petrol is sold at less than the market price. The cheapest petrol is in Venezuela, at 5 cents per litre. That makes China’s pump price of 79 cents seem expensive, but even this is a bargain compared with $1.04 in the United States and $2.35 in Germany.
Interesting article from The Economist, to help put things in perspective.
To see my own chart of evolution of gasoline and diesel prices in Thailand, click here.
By the way, Malaysia (one of the biggest fuel subsidy in the world, costs 7 % of GDP) has just announced a 41 % increase of fuel price… And India… 10 % (Bloomberg)
UPDATE
And crude oil took 5 % in a few hours today… We are currently at 134 USD for WTI ! Sleep tight.
If it continues like that, what a terrible cisor effect for all… the subsidies…
Are you sure Britain is on that list? The UK has pretty expensive petrol at the pumps, higher than most other places I’ve been. The excise tax is significant.
I don’t really understand : UK (Britain) is there. And Germany’s rank is 1.
Check another chart/sources, with roughly the same ranking :
http://tinyurl.com/3uawbu