Highest & Cheapest Gas Prices by Country

By Tom Randall - 2012-08-13T22:00:03Z

Photograph by Walter Bibikow/eStock Photo

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Price per gallon of premium gasoline: $4.89
Price change since last quarter: -7.9%
Most-expensive-gas rank: #45
Pain-at-the-pump rank: #8
<p>China is the world's second-biggest oil consumer, after the U.S. With its burgeoning middle class, China's consumption is only expected to increase. The number of vehicles in the country may rise to 260 million by 2020, matching current U.S. levels, from 80 million last year, according to the State Information Center.</p><p>China regulates the prices of retail gasoline and diesel fuel as a tool to curb inflation. On August 10, the country said it will increase gas prices about 4.3 percent, the first hike since March, to keep up with the rising cost of imported crude.</p><p> China ranks in the top 10 for pain at the pump, despite a gas price that beats the global average by more than 20 percent. With an average daily income of $16, the share of a day's wages needed to buy a gallon of gas in China is 30 percent.

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