The price of oil has continued to remain volatile in recent months, even as the supply glut continues amidst stagnating demand.
Although the Organisation of Petroleum Exporting Countries (OPEC) along with other major oil producers agreed to maintain output cuts until early next year, crude prices have remained low even as output has increased from Libya, Nigeria, Canada and the US.
In line with the lower oil prices, the UAE’s Ministry of Energy cut fuel prices by 5 per cent for July, following a 2.56 per cent decrease in June.
The UAE removed fuel subsidies in 2015 as part of its diversification strategy, and began adjusting petrol and diesel prices on a monthly basis. The prices are fixed on the basis of international oil prices.
Saudi Arabia has also been mulling the removal of fuel subsidies, but the measure has not yet been implemented.
GCC-wide, fuel prices remain among the lowest in the world, with four of the six states among the top 10 countries worldwide with the cheapest rates, according to a new study by UK-based Just Tyres.
According to the results, six Arab countries dominate the cheapest fuel chart. Surprisingly, it wasn’t Saudi Arabia – the world’s largest oil-producing country – that came in the first place for cheapest fuel – Venezuela topped the list with $0.04 per gallon. Hong Kong emerged as the most expensive country for fuel at $8.62 per gallon.
To put things into perspective, filling up a Ford Focus with a 12.1-gallon fuel tank in Venezuela would cost you $0.47, while doing the same in Hong Kong would cost a whopping $104.59.
Here are the top 10 countries around the word with the lowest and the highest fuel prices as of May 2017.
TOP 10 COUNTRIES WITH THE CHEAPEST FUEL PRICES (PER GALLON)
1. Venezuela – $0.04
2. Saudi Arabia – $1.29
3. Turkmenistan –$1.29
4. Algeria – S1.47
5. Egypt – $1.56
6. Kuwait – $1.56
7. Iran – $1.68
8. Ecuador – $1.77
9. Bahrain – $1.91
10. Qatar – $2.12
TOP 10 COUNTRIES WITH THE MOST EXPENSIVE FUEL PRICES (PER GALLON)
1. Hong Kong – $8.62
2. Iceland – $8.44
3. Norway – $8.35
4. Monaco – $7.83
5. Israel – $7.77
6. Netherlands – $7.72
7. Italy – $7.69
8. Greece – $7.59
9. Mayotte – $7.35
10. Denmark – $7.3