MUSCAT: The Sultanate of Oman ranked nineteenth globally with Saudi Arabia in the gasoline price index for March 2022, which was recently issued by the Global Petroleum Price website.

The average price of a litre of gasoline in the Sultanate and Saudi Arabia, which is sold to citizens and residents, is $0.621. Venezuela recorded the lowest price per litre of gasoline at $0.025, followed by Libya, Iran and Syria.

Hong Kong recorded the highest price per litre of gasoline sold to its citizens and residents at $2.831, followed by Norway and Denmark.

The index indicated that the average price of gasoline globally amounted to 1.29 USD per litre, but there are noticeable differences between countries, as prices in rich countries are high compared to poor countries, while oil-producing and exporting countries are much lower.

The United States of America is an exceptional case, which is characterised by superior economic progress, but at the same time, the prices of gasoline are low.

The differences in gasoline prices in different countries are due to government subsidies for gasoline, and the size of the taxes imposed. All countries in the world buy oil at the same prices, but later impose different taxes, which leads to different retail prices for gasoline.