Energy price tracker, GlobalPetrolPrices.com has ranked Malaysia as one of the top ten countries with the cheapest gasoline prices, based on its latest data. Specifically, Malaysia secured the No. 10 spot, out of 150 countries that GlobalPetrolPrices.com is currently tracking. 

According to the tracker’s data (as of 16 May 2022), Malaysia’s gasoline price is logged at US$0.466 per litre (RM2.05), whereas the average gasoline price globally is US$1.36 per litre (RM5.99). Meanwhile, the country with the cheapest gasoline price is Venezuela (US$0.022 per litre), and the most expensive is Hong Kong (US$2.897 per litre). 

In its website, GlobalPetrolPrices.com explained that the differences in gasoline price between countries arise from the various taxes and subsidies that each country decides to impose on gasoline. “All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different,” it noted. 

Additionally, the tracker clarified that as a general rule of thumb, richer countries will post higher gasoline prices, whereas poorer countries, as well as oil-producing and oil-exporting countries, tend to have significantly lower prices. However, there are exceptions to this; the United States, for instance, has low gas prices despite being an economically advanced country.

To note, GlobalPetrolPrices.com is a portal that collects data on the prices of fuel, electricity, and natural gas in numerous countries worldwide – which have been used by parties such as Bloomberg, the World Bank, and the International Monetary Fund (IMF). It also provides fuel price forecasts to a range of clients, including Tesla, Samsung, and Barclays. 

(Sources: The Edge Markets, GlobalPetrolPrices.com)

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