How Affordable is Gas in Latin America?
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How Affordable is Gas in Latin America?

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Comparing how affordable gas is across Latin America

How Affordable is Gas in Latin America?

As gas prices have risen around the world, not each region and country is impacted equally.

Globally, the average price for a liter of gas was $1.44 USD on June 13, 2022.

But the actual price at the pump, and how affordable that price is for residents, varies greatly from country to country. This is especially true in Latin America, a region widely regarded as one of the world’s most unequal regions in terms of its income and resource distribution.

Using monthly data from GlobalPetrolPrices.com as of May 2022, this graphic by Latinometrics compares gas affordability in different countries across Latin America.

Gas Affordability in 19 Different Latin American Countries

To measure gas affordability, Latinometrics took the price of a liter of gas in 19 different Latin American countries and territories, and divided those figures by each country’s average daily income, using salary data from Statista.

Out of the 19 regions included in the dataset, Venezuela has the most affordable gas on the list. In Venezuela, a liter of gas is equivalent to roughly 1.3% of the country’s average daily income.

CountryGas price as of May 2022 (USD)% of average daily income
🇳🇮 Nicaragua$1.3714.0%
​🇩🇴​ Dominican Republic$1.4112.6%
🇧🇷​ Brazil$1.4312.5%
🇵🇾​ Paraguay$1.3912.2%
🇵🇪 Peru$1.5310.2%
🇺🇾 Uruguay$1.929.8%
🇸🇻​ El Salvador$1.149.2%
​​🇭🇳​ Honduras$1.338.6%
🇲🇽​ Mexico$1.177.8%
🇬🇹​ Guatemala$1.447.7%
🇦🇷 Argentina$1.066.7%
​🇨🇱​ Chile$1.376.6%
🇨🇷​ Costa Rica$1.425.9%
🇨🇴 Colombia$0.585.7%
​🇵🇦 ​Panama$1.275.0%
🇪🇨 Ecuador$0.674.1%
🇧🇴 Bolivia$0.543.2%
🇵🇷​ Puerto Rico$1.352.2%
🇻🇪​ Venezuela$0.021.3%

This isn’t too surprising, as Venezuela is home to the largest share of proven oil reserves in the world. However, it’s worth noting that international sanctions against Venezuelan oil, largely because of political corruption, have hampered the once prosperous sector in the country.

On the other end of the spectrum, Nicaragua has the least affordable gas on the list, with one liter of gas costing 14% of the average daily income in the country.

Historically, the Nicaraguan government has not regulated gas prices in the country, but in light of the current global energy crisis triggered in large part by the Russia-Ukraine conflict, the government has stepped in to help control the situation.

As the Russia-Ukraine conflict continues with no end in sight, it’ll be interesting to see where prices are at in the next few months.

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This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.

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Oil and Gas

Mapped: How Much Each Country Pays for Gas in 2025

Production and refining costs, transportation and distribution fares, and taxes and subsidies all affect how much everyone pays for gas.

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This map tracks the retail price of gas in 169 countries and territories around the world. Data is sourced from Global Petrol Prices, as of Feb 3rd, 2025.

Mapped: How Much Each Country Pays for Gas in 2025

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

This map tracks the retail price of gas in 169 countries and territories around the world. Data is sourced from Global Petrol Prices, as of Feb 3rd, 2025.

Gas is more commonly known as petrol, and also priced per liter in many places. The equivalent cost has been included in the table in the next section.

Ranked: Countries by How Much They Pay for Gas

Even amongst the cluster of countries with cheap gas in the Middle East, pump prices in Iran are astonishingly low.

On average, Iranians paid 11 cents per gallon in the week of February 3rd.

On the other hand, people in Hong Kong paid close to $13/gallon in the same time period.

Country($ / Gallon)($ / Liter)
🇮🇷 Iran0.110.03
🇱🇾 Libya0.120.03
🇻🇪 Venezuela0.130.03
🇦🇴 Angola1.240.33
🇪🇬 Egypt1.280.34
🇩🇿 Algeria1.280.34
🇰🇼 Kuwait1.290.34
🇹🇲 Turkmenistan1.620.43
🇲🇾 Malaysia1.750.46
🇰🇿 Kazakhstan1.780.47
🇧🇭 Bahrain2.010.53
🇧🇴 Bolivia2.050.54
🇶🇦 Qatar2.180.58
🇷🇺 Russia2.280.60
🇸🇦 Saudi Arabia2.350.62
🇴🇲 Oman2.350.62
🇦🇿 Azerbaijan2.450.65
🇮🇶 Iraq2.460.65
🇸🇩 Sudan2.650.70
🇦🇪 UAE2.710.72
🇪🇨 Ecuador2.710.72
🇧🇾 Belarus2.820.75
🇧🇹 Bhutan2.870.76
🇱🇧 Lebanon2.880.76
🇮🇩 Indonesia2.970.79
🇹🇳 Tunisia2.980.79
🇪🇹 Ethiopia3.000.79
🇳🇬 Nigeria3.010.80
🇱🇷 Liberia3.030.80
🇰🇬 Kyrgyzstan3.060.81
🇵🇾 Paraguay3.190.84
🇻🇳 Vietnam3.230.85
🇦🇫 Afghanistan3.300.87
🇸🇾 Syria3.330.88
🇺🇸 USA3.420.90
🇲🇻 Maldives3.440.91
🇵🇰 Pakistan3.490.92
🇧🇷 Brazil3.490.92
🇵🇦 Panama3.530.93
🇬🇦 Gabon3.550.94
🇹🇼 Taiwan3.580.95
🇵🇷 Puerto Rico3.600.95
🇺🇿 Uzbekistan3.750.99
🇨🇴 Colombia3.811.01
🇱🇸 Lesotho3.871.02
🇬🇾 Guyana3.901.03
🇦🇺 Australia3.911.03
🇧🇩 Bangladesh3.911.03
🇲🇲 Burma3.921.04
🇸🇻 El Salvador3.921.04
🇬🇭 Ghana3.921.04
🇨🇩 DR Congo3.971.05
🇧🇼 Botswana4.001.06
🇭🇳 Honduras4.011.06
🇹🇬 Togo4.061.07
🇬🇹 Guatemala4.121.09
🇹🇿 Tanzania4.131.09
🇧🇯 Benin4.151.10
🇸🇿 Swaziland4.161.10
🇳🇦 Namibia4.171.10
🇲🇱 Mali4.181.10
🇬🇪 Georgia4.211.11
🇷🇼 Rwanda4.221.12
🇭🇹 Haiti4.281.13
🇵🇪 Peru4.311.14
🇹🇹 Trinidad & Tobago4.331.14
🇰🇭 Cambodia4.331.14
🇬🇩 Grenada4.341.15
🇦🇷 Argentina4.341.15
🇨🇼 Curaçao4.341.15
🇵🇭 Philippines4.391.16
🇮🇳 India4.391.16
🇫🇯 Fiji4.401.16
🇨🇳 China4.401.16
🇿🇦 South Africa4.461.18
🇳🇵 Nepal4.541.20
🇯🇵 Japan4.541.20
🇲🇬 Madagascar4.601.22
🇯🇲 Jamaica4.621.22
🇩🇴 Dominican Republic4.681.24
🇱🇰 Sri Lanka4.691.24
🇿🇲 Zambia4.711.24
🇲🇽 Mexico4.721.25
🇸🇷 Suriname4.721.25
🇨🇦 Canada4.741.25
🇨🇻 Cape Verde4.851.28
🇹🇷 Turkey4.881.29
🇨🇺 Cuba4.901.29
🇦🇼 Aruba4.911.30
🇲🇺 Mauritius4.931.30
🇧🇦 Bosnia & Herzegovina4.961.31
🇲🇩 Moldova4.981.32
🇰🇷 South Korea4.991.32
🇨🇲 Cameroon5.001.32
🇨🇷 Costa Rica5.021.33
🇩🇲 Dominica5.031.33
🇳🇮 Nicaragua5.041.33
🇨🇱 Chile5.041.33
🇲🇰 North Macedonia5.051.33
🇦🇲 Armenia5.061.34
🇧🇫 Burkina Faso5.071.34
🇱🇨 Saint Lucia5.081.34
🇲🇦 Morocco5.091.35
🇹🇭 Thailand5.101.35
🇲🇿 Mozambique5.111.35
🇰🇪 Kenya5.141.36
🇧🇬 Bulgaria5.181.37
🇧🇮 Burundi5.181.37
🇺🇬 Uganda5.181.37
🇨🇮 Ivory Coast5.221.38
🇱🇦 Laos5.231.38
🇸🇱 Sierra Leone5.251.39
🇬🇳 Guinea5.261.39
🇲🇹 Malta5.271.39
🇺🇦 Ukraine5.321.41
🇸🇨 Seychelles5.331.41
🇧🇸 Bahamas5.371.42
🇰🇾 Cayman Islands5.501.45
🇲🇼 Malawi5.521.46
🇦🇩 Andorra5.561.47
🇿🇼 Zimbabwe5.601.48
🇲🇳 Mongolia5.621.49
🇨🇾 Cyprus5.631.49
🇨🇿 Czech Republic5.751.52
🇲🇪 Montenegro5.781.53
🇱🇹 Lithuania5.861.55
🇵🇱 Poland5.871.55
🇷🇴 Romania5.891.56
🇸🇳 Senegal5.911.56
🇯🇴 Jordan5.921.56
🇸🇪 Sweden5.951.57
🇸🇮 Slovenia6.061.60
🇱🇺 Luxembourg6.121.62
🇭🇷 Croatia6.131.62
🇭🇺 Hungary6.141.62
🇪🇸 Spain6.141.62
🇦🇹 Austria6.171.63
🇷🇸 Serbia6.241.65
🇳🇿 New Zealand6.311.67
🇸🇰 Slovakia6.331.67
🇧🇪 Belgium6.401.69
🇱🇻 Latvia6.401.69
🇪🇪 Estonia6.451.70
🇨🇫 Central African Republic6.551.73
🇬🇧 UK6.561.73
🇸🇲 San Marino6.571.74
🇧🇿 Belize6.631.75
🇫🇮 Finland6.701.77
🇦🇱 Albania6.831.80
🇺🇾 Uruguay6.831.80
🇩🇪 Germany6.871.82
🇾🇹 Mayotte6.881.82
🇲🇨 Monaco6.881.82
🇫🇷 France6.931.83
🇵🇹 Portugal6.931.83
🇮🇪 Ireland7.071.87
🇼🇫 Wallis and Futuna7.081.87
🇮🇹 Italy7.191.90
🇬🇷 Greece7.221.91
🇳🇴 Norway7.241.91
🇧🇧 Barbados7.281.92
🇨🇭 Switzerland7.381.95
🇱🇮 Liechtenstein7.451.97
🇳🇱 Netherlands7.762.05
🇸🇬 Singapore7.792.06
🇮🇱 Israel8.012.12
🇩🇰 Denmark8.042.12
🇮🇸 Iceland8.442.23
🇭🇰 Hong Kong12.903.41
🌍 World Average4.701.24

Generally speaking, oil producers and refiners tend to have lower prices. This can be seen in prices in Russia, Saudi Arabia, and the United States.

One exception to this is Norway, Europe’s largest oil producer, which pays more than $7/gallon.

Factors that Affect Gas Prices Around the World

The price at the pump is determined by multiple factors.

First is the cost of crude oil, which varies based on type; lighter, sweeter crude is generally more expensive and produces more gasoline per barrel.

Next are refining costs, which depend on the complexity and technology of the refinery.

Then there’s the cost of transportation and distribution, followed by federal, state, and local taxes. Government subsidies may also affect the final price.

This last part particularly can be seen by comparing prices in Iran, Russia, and Norway. In the first two countries, gas is heavily subsidized to boost domestic demand.

On the other hand Norway places a steep tax to discourage consumption and promote the use of alternative fuels. As a result, EV adoption in Norway is close to 90%.

Finally, local prices have been converted to U.S. dollars for this comparison, and current exchange rates will have an impact on the final figure. It’s also worth remembering that in many countries the price in U.S. dollars may be low but might be very expensive compared to median incomes.

Learn More on the Voronoi App

Want a similar map but for electricity prices instead? Check out creator Rajesh Palnisamy’s, Average Cost of 1 Kilowatt-hour Electricity Around the World for a quick overview.

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