Experts are warning that petrol prices in the UK are set to continue rising after already reaching record-high levels. The average price of petrol rose to 183.16p a litre on June 9, up from 180.73p just two days before, while some areas of the country are charging over £2p a litre resulting in the average family car costing around £100 to fill up.
Soaring fuel prices are having a detrimental effect on the rising cost of living, with millions of households across the UK struggling to pay for bills in the face of rising inflation. Problematic oil prices have also been driven up by the ongoing war in Ukraine.
The war has led many countries around the world to turn away from Russia's oil supplies. The UK has committed to completely phasing out Russian oil by the end of 2022, with many other countries following suit.
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But how do prices in the UK compare to the rest of the world? Here's a breakdown of where petrol is the most and least expensive across the globe.
Most expensive countries for fuel
Currently, Hong Kong is suffering from the highest oil prices with Global Petrol Prices listing it at 2.364p per litre. Norway comes in second at 2.281p, and following closely behind is Denmark and Finland at 2.176p and 2.135p. While petrol prices in the UK are seeing record-high levels, it's only 19th in the highest petrol price rank in the world.
However, it's slightly different for diesel prices with the UK placing eighth. Hong Kong tops the list again, followed by Sweden, Norway, Monaco, Iceland, Finland and Denmark. Hong Kong's diesel price is reported to be 2.182p per litre as of June 6.
Cheapest countries for fuel
Venezuela is currently boasting the cheapest petrol prices in the UK. This is largely due to the fact that the region has some of the world's biggest oil reserves.
Global Petrol Prices reports the price of petrol in the South American country at a shocking two pence per litre. Following closely behind are Libya and Iran at 0.025p and 0.048p.
In fact, most areas with large oil reserves are selling fuel at a cheaper rate such as Qatar, Egypt, Iraq, Kuwait and Temen.
Diesel prices are somewhat different, however. Iran is in the lead with costs of less than 1p, followed by Venezuela. Meanwhile, Saudi Arabia places fifth on the list of cheapest diesel prices.
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