News Published on : 11-Apr-2022 18:01:31

Petrol prices at the pump hit record highs last month due to the ongoing geopolitical turbulence. In the UK the price of petrol climbed to 163.46p per litre whilst diesel reached 173.44p. And the UK is not alone in facing soaring petrol prices as the fuel price in many countries around the world rises to levels never seen before. New data from vehicle leasing company Nationwide Vehicle Contracts reveals which countries currently have the highest petrol prices and which countries have experienced the highest increase in petrol prices in the last year. The country with the highest average cost of petrol is Hong Kong at £ 2.12 per litre. All local refined oil products in Hong Kong come from Singapore. Norway and Denmark follow closely behind at £ 2.02 and £ 1.80 per litre respectively. The UK ranks in 21st place at an average of £ 1.53 per litre in March 2022. Whereas the US ranks in 98th place at an average of £ 0.88 per litre in March 2022. Venezuela is the country with the lowest petrol price in the world as of March 2022 at a mere £ 0.02 per litre. Fuel is so affordable in the country as it is home to some of the largest oil reserves in the world! These are the countries with the highest increasing costs of petrol per litre from March 2021 to March 2022. Out of all the 167 countries studied Sudan has seen the biggest increase in petrol prices in the past year at a huge 162%. On 1st March 2021 petrol was priced at £ 0.27 per litre this has now increased to £ 0.71 as of this month! The UK saw a 24% increase in petrol prices compared to this time last year. While the USA saw prices double from £ 0.58 to £ 0.88 in the past year rising by 53%. On the other end of the table Syria Russia and Yemen have witnessed a decrease in petrol prices compared to this time last year at -49% -39% and -39% respectively.