Soaring gas prices – but which countries are seeing the highest price increase?

As a national mobile car wash and car servicing company, the topic of fuel costs comes up often with our customers. 

Rising fuel prices worldwide is on everyone’s lips at the moment. We all feel it when we go to fill up our cars, and many of us are looking for ways to cut back on our fuel consumption. But are we really feeling the effects of high fuel prices, or is it the relative price increase? After all, it’s hard not to notice the rising fuel costs based on today’s price vs yesterday’s.

Leaving nothing on the table, we downloaded gas prices data over the last five years for 23 countries worldwide (members of the G20). We then calculated which countries saw their fuel prices increase the most Year-by-Year and over five years, both in relative terms as a percentage and absolute by the US dollar cost for a litre and tank (42L or 11.1GL) of fuel.

Top 5 countries with the highest relative increase in fuel costs (Year-on-Year) 

1. Turkey – 70% relative increase in fuel costs year-on-year

Average Fuel Price – $1.53 per litre or $5.79 per gallon
Price Increase – $0.63 per litre or $2.38 per gallon
Cost to Fill a Tank – $37.80 > $64.26
Price Increase per Tank – $26.46

Turkey saw the largest relative increase in fuel prices. Although they only rank 11th on our list for fuel price at $1.53, a 70% increase in price means it now costs them an average of $26.46 more to fill their tank compared to just a year ago.

2. United States – 60% relative increase in fuel costs year-on-year

Average Fuel Price – $1.30 per litre or $4.92 per gallon
Price Increase per Litre – $0.49 per litre or $1.85 per gallon
Cost to Fill a Tank – $34.02 > $54.60
Price Increase per Tank – $20.58

The USA isn’t even in the top 10 for fuel cost at $54.60 per tank. But it turns out that they have the second-highest relative price increase of 60% year-on-year, averaging at $20.58 more per tank of fuel. Americans will certainly feel the pinch at the pump when compared to prices at the same time last year.

3. Canada – 42% relative increase in fuel costs year-on-year

Average Fuel Price per Litre – $1.59 per litre or $6.02 per gallon
Price Increase per Litre – $0.47 per litre or $1.78 per gallon
Cost to Fill a Tank – $47.04 > $66.78
Price Increase per Tank – $19.74

Canada offers their citizens the 10th most expensive fuel prices on our list at $66.78 per tank due to its 42% price increase. Canadians are now paying an average of $19.74 more per tank of fuel compared to a year ago.  

4.Australia – 36% relative increase in fuel costs year-on-year

Average Fuel Price per Litre – $1.46 per litre or $5.53 per gallon
Price Increase per Litre – $0.39 per litre or $1.48 per gallon
Cost to Fill a Tank – $44.94 > $61.32
Price Increase per Tank – $16.38

Surprisingly (at least to us!), Australia’s relative increase in fuel costs at 36% year on year landed in our top 5. This is an extra $16.38 price increase per tank of fuel. However, we must have had it good before – despite a large relative increase in price, we’re still only 13th on the list for fuel cost at $61.32 per tank.

According to Sidepost director Phi Dang, soaring fuel costs have caused people to worry far beyond their car’s gas tanks.

“There’s a misconception that increasing Fuel prices affects all aspects of life, but it doesn’t.” Dang said.

“For example, many Australian holidaymakers are opting to stay home instead of going on their annual trip. However, the reality is this does not add significantly to a holiday budget. Road trips are becoming more expensive due to rising fuel costs.”

5. Spain – 34% relative increase in fuel costs year-on-year

Average Fuel Price per Litre – $2.29 per litre or $8.67 per gallon
Price Increase per Litre – $0.58 per litre or $2.20 per gallon
Cost to Fill a Tank – $71.82 > $96.18
Price Increase per Tank – $24.36

Spain is in the top 5 with a 34% relative price increase year-on-year, with the 4th most expensive fuel on our list (no doubt not helped by the 34% price increase). Their average cost to fill a tank is $96.18; that’s $34.86 more than Australians and $41.58 more than Americans!

Top 5 countries with the highest relative increase in fuel costs (over 5 years) 

We’ve learned that the USA landed in the number one spot on the list for relative price increases over the past five years, seeing a 71% price increase (June 2018 vs June 2022). Despite seeing such a staggering increase, the USA is STILL only 15th in the G20 for fuel costs – so it’s not all bad news for Americans! While you had great fuel prices five years ago, prices today are considered reasonable on a worldwide scale.
The UK entered 5th as they saw fuel costs rise by 34% over the last five years. With an average price of $97.44 for a full tank of gas, the British are paying an average of $42.84 more than Americans and $36.12 more than Australians. This makes Britain the 3rd most expensive fuel market on the list.

1. United States – 71% relative increase in fuel costs over 5 years

Average Fuel Price – $1.30 per litre or $4.92 per gallon
Price Increase – $0.54 per litre or $2.04 per gallon
Cost to Fill a Tank – $31.92 > $54.60
Price Increase per Tank – $22.68

2. Canada – 56% relative increase in fuel costs over 5 years

Average Fuel Price per Litre – $1.59 per litre or $6.02 per gallon
Price Increase per Litre – $0.57 per litre or $2.16 per gallon
Cost to Fill a Tank – $42.84 > $66.78
Price Increase per Tank – $23.94

3. Spain – 49% relative increase in fuel costs over 5 years

Average Fuel Price per Litre – $2.29 per litre or $8.67 per gallon
Price Increase per Litre – $0.75 per litre or $2.84 per gallon
Cost to Fill a Tank – $64.68 > $96.18
Price Increase per Tank – $31.50

4. Singapore – 36% relative increase in fuel costs over 5 years

Average Fuel Price per Litre – $2.36 per litre or $8.93 per gallon
Price Increase per Litre – $0.71 per litre or $2.69 per gallon
Cost to Fill a Tank – $69.30 > $99.12
Price Increase per Tank – $29.82

5. United Kingdom – 34% relative increase in fuel costs over 5 years

Average Fuel Price per Litre – $2.32 litre or $8.78 per gallon
Price Increase per Litre – $0.63 per litre or $2.38 per gallon
Cost to Fill a Tank – $70.98 > $97.44
Price Increase per Tank – $26.46

Top 10 Countries by $ Increase in Fuel Costs (Year-on-Year)

Top 10 Countries by Relative Increase in Fuel Costs (Per Tank – 42L)

Top 10 Countries with Highest Fuel Costs

Fuel Prices by the Litre

Fuel Prices by the Gallon

Fuel Prices by the Tank

Methodology

To calculate the cost to fill a tank of fuel, we took the average fuel price per litre for each G20 country from Trading Economics. Results are based over the last 5 years (2018-2022), every June 30th.

We then multiplied this by 42 to show the average cost to fill a tank of an average-sized car (in this case, a Ford Fiesta).

Finally: 

• To calculate the year on year relative price increase, we took the fuel price from June 30 2021 and compared it to today’s prices (July 02 2022). We then calculated the change as a percentage (% Increase = Increase / Original Number × 100). 
• To calculate the 5 year relative price increase, we took the gas price of June 30 2018 and compared it to today’s prices (July 02 2022). We then calculated the change as a percentage.

All prices in USD.

The raw data was sourced from tradingeconomics.com, which can be viewed here.

Brought to you by Sidepost: Home Services, Mobile Car Wash and Car Servicing making it easier for Australians to get their homes and cars cleaned and serviced.