Countries With The Highest Gas Prices; Over $15 per gallon in one nation
Gas prices around the world range from a few cents to over $15 per gallon in Hong Kong. Several factors drive these differences, including local taxes, but the primary one is each nation’s dependence on imported oil. Hong Kong, Singapore, Japan, and South Korea import nearly 100% of their crude, as do the Netherlands, Denmark, and Germany.
High import dependence makes gas and other oil-based products cripplingly expensive. Krishna Srinivasan, director of the IMF’s Asia-Pacific department, told Reuters: “This is a shock which is going to affect Asia more than other regions. What we’re going to see is higher inflation, weaker growth, and weaker current account balances.” He warned that if the problem persists through the year, GDP growth in some nations could drop 1–2%. ICIS echoed this concern, forecasting a 1.3% GDP decline across the region if crude prices remain elevated, and projecting that “inflation in developing Asia and the Pacific could rise by 3.2 percentage points in 2026–2027.”
A separate team of IMF analysts has warned that the Iran oil shock could trigger a global recession. According to Yahoo, the IMF cautioned that if energy infrastructure in the Middle East were further damaged — pushing oil to $110 per barrel by the second quarter — global growth could plunge to around 2%, which the organization described as “a close call for a global recession.”
The supply disruption shows no sign of resolving quickly. CNBC reports that more than 400 oil-laden tankers and dozens of liquefied natural gas and liquefied petroleum gas carriers remain anchored outside the Gulf, awaiting signals to proceed, according to MarineTraffic, a ship-tracking platform. The crude aboard those vessels is estimated to be worth as much as $50 billion.
In the United States, gas prices around $4 per gallon are already raising concerns about a repeat of the inflation surge seen in mid-2022. Prices also vary significantly within the country, as state-level taxes create meaningful differences from one driver to the next.
Globally, gas taxes are a substantial burden in many countries — though they are calculated and assessed in different ways. Among the nations with the heaviest tax loads, including VAT where applicable:
- Hong Kong — ~$1.00/gal
- Israel — $3.50/gal (mostly VAT)
- Netherlands — $3.76/gal + 21% VAT
- Denmark — $3.19/gal + 25% VAT
- Liechtenstein — follows Switzerland’s prices: ~$3.00/gal
- Switzerland — $2.99/gal (highest among OECD countries)
- Singapore — $2.60/gal (includes a 9% tax)
- Germany — $2.91/gal + 19% VAT
- Greece — $2.90/gal + 24% VAT
- Finland — $2.80/gal
- France — $3.04/gal + 20% VAT
- Norway — $2.80+/gal
- Ireland — ~$2.74/gal + 23% VAT
- New Zealand — $1.90/gal
- Belgium — $2.69/gal + 21% VAT
- UK — $2.70/gal + 20% VAT
- Estonia — $2.30/gal
Hong Kong and Malawi have the highest gas prices in the world. The contrast between them is stark: Hong Kong is one of the world’s most developed economies (a Special Administrative Region of China), while Malawi is among the poorest nations on earth. Both rely entirely on oil imports, though Hong Kong’s impact is somewhat limited by the fact that only about 800,000 vehicles are registered there.
Europe faces additional energy pressure beyond road fuel. The AP has reported that IMF officials are concerned the continent may have only six weeks of jet fuel remaining. IEA Executive Director Fatih Birol warned: “In Europe, we have maybe six weeks or so of jet fuel left. If we are not able to open the Strait of Hormuz … I can tell you soon we will hear the news that some flights from city A to city B might be canceled as a result of lack of jet fuel.”
Gasoline prices by nation (USD per gallon, as of April 20, 2025)
- Hong Kong — $15.65
- Malawi — $14.54
- Israel — $10.45
- Netherlands — $10.28
- Denmark — $10.03
- Liechtenstein — $9.50
- Albania — $9.26
- Switzerland — $9.17
- Singapore — $9.16
- Germany — $9.11
- Greece — $9.00
- Monaco — $8.98
- Finland — $8.96
- France — $8.79
- Mayotte — $8.75
- Norway — $8.67
- Ireland — $8.52
- Portugal — $8.43
- New Zealand — $8.08
- Belgium — $8.08
- UK — $8.05
- Estonia — $8.00
