Iraq ranks 12th among countries with cheapest countries gasoline prices

Shafaq News / The average price of gasoline around the world reached 1.43 U.S. Dollar per litre.

In its report for June 2022, "Global Petrol Prices" said that Iraq ranked 12th among countries with cheapest gasoline prices

(514 cents per liter), and fifth among Arab countries, preceded by Libya, Syria, Algeria and Kuwait.

The report said there is substantial difference in these prices among countries. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices.

According to the report, one notable exception is the U.S. which is an economically advanced country but has low gas prices. The differences in prices across countries are due to the various taxes and subsidies for gasoline.

All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different. Use the drop menu to see the prices in gallons, the report added.