Highest & Cheapest Gas Prices by Country

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

Photograph by SIME/eStock Photo

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Price per gallon of premium gasoline: $8.15
Price change since last quarter: -13%
Most-expensive-gas rank: #7
Pain-at-the-pump rank: #34

Gas prices have been a shock to the home country of Ferrari and Lamborghini, where the rate of car ownership is among the world's highest. Demand for cars has fallen to its lowest level since 1979, according to Fiat SpA. The Turin-based company said on Aug. 2 that it's temporarily halting new investments in Italy.

Italy raised gas taxes about 25 percent over the past year as part of Prime Minister Mario Monti's austerity efforts to rein in the country's budget. The tax is now the highest in Europe.

Italy's gasoline consumption dropped 6.9 percent in June, compared with a year earlier, according to data from the Ministry of Economic Development. The average daily income is $93. The share of a day's wages needed to buy a gallon of gas is 8.8 percent.

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