Highest & Cheapest Gas Prices by Country

By Tom Randall - 2013-02-13T13:11:46Z

Photograph by Alex Linghorn/Getty Images

Company Symbol % Change
Hess Corp HES:US 1.03
ConocoPhillips COP:US 1.21
Exxon Mobil Corp XOM:US 0.53
Chevron Corp CVX:US 1.29
BP PLC BP/:LN -0.05
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Iran

Price per gallon of gasoline: $2.15
Rank by most expensive gas: 55
Rank by pain at the pump: 28

Global fuel prices surged last year as the U.S. and EU tightened sanctions against Iran over its nuclear program. Iran is the fourth-biggest oil producer and in 2010 had the highest fossil-fuel subsidies in the world.

In December 2010, Iran began a five-year program to reduce subsidies and bring gas and electricity prices more in line with the international market. The implementation of the program was blamed for countrywide inflation, even before the U.S. sanctions took hold. Consumer prices have jumped 28 percent in the past 12 months.

While Iran has the sixth-cheapest gas price, pain at the pump is worsened by low wages. The average daily income is $18. The share of a day's wages needed to buy a gallon of gas is 12 percent.

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