Here are the 10 most affordable countries for gas or gasoline when measured against average national incomes. The U.S. consumes more gasoline than any other country, and the average household spends about $2,000 a year on gas. But in the last few years, low gas prices have given millions of drivers extra money to spend or save.
In the rest of the world, gas prices tend to be higher. But the nominal price of gasoline doesn’t provide a complete picture of how expensive the fuel really is in a given country. In order to determine the affordability of gasoline (or any other product), you have to compare the price to income. A recent Bloomberg report compared gas prices in different countries to the average national paycheck to find where gas really is the most, and least, affordable.
In high-wage nations, expensive gas prices are by and large affordable for the population. For example, Norway’s gasoline price of $6.53 a gallon is the third highest in the world, but its average citizen earns nearly $200 a day. This combination means that Norway’s high prices are the 10th most affordable in the world. On the other end of the spectrum, Nigeria, Africa’s leading oil producer, boasts the 7th cheapest gas prices in the world at $1.94 a gallon. But when coupled with an $8 average daily wage, Nigeria’s gas becomes the 4thleast affordable in the world.
Here are the 10 most affordable countries for gas or gasoline when measured against average national incomes:
10. Norway
Price per gallon: $6.53
Average daily wage: $190.47
Daily wages spent on one gallon of gas: 3.40 percent
9. Canada
Price per gallon: $3.45
Average daily wage: $110.41
Daily wages spent on one gallon of gas: 2.96 percent
8. Australia
Price per gallon: $3.57
Average daily wage: $134.27
Daily wages spent on one gallon of gas: 2.58 percent
7. Switzerland
Price per gallon: $5.58
Average daily wage: $213.60
Daily wages spent on one gallon of gas: 2.58 percent
6. United Arab Emirates
Price per gallon: $1.80
Average daily wage: $90.13
Daily wages spent on one gallon of gas: 2.00 percent
The 10 Most Affordable Countries for Gas
5. Saudi Arabia
Price per gallon: $0.91
Average daily wage: $52.77
Daily wages spent on one gallon of gas: 1.72 percent
4. Luxembourg
Price per gallon: $4.69
Average daily wage: $285.13
Daily wages spent on one gallon of gas: 1.66 percent
3. United States
Price per gallon: $2.57
Average daily wage: $156.34
Daily wages spent on one gallon of gas: 1.64 percent
2. Kuwait
Price per gallon: $0.88
Average daily wage: $68.69
Daily wages spent on one gallon of gas: 1.27 percent
1. Venezuela
Price per gallon: $0.02
Average daily wage: $16.14
Daily wages spent on one gallon of gas: 0.95 percent
