Canadians are spending the highest proportion of their income on gas compared with other G7 nations, according to the global gas price tracking website GlobalPetrolPrices.com.
Their data shows that Canadians are spending 4.4 per cent of their income on gas, notably higher than second-place Americans who are spending 3 per cent. Other G7 nations such as Japan and U.K. spend half as much. The lowest proportion of income spent on gas is by those living in France (0.7 per cent).
When looking at cost of gas per litre, countries facing high inflation seem to be paying more for gas—U.S. being an exception.
Rising gas prices have been driving up inflation in most countries.
Among G7 countries, the U.K. faces the highest inflation at 9.4 per cent and is paying $2.88 per litre for gas. The country also ranks 10th among all the 168 countries with the most expensive gas. This is much above the global average gas price of $1.8 per litre and ranks at the top, followed by Italy ($2.48) and France ($2.38), among the G7 nations.
While Canada ranks near the bottom of G7 countries, the U.S. is paying the least, $1.52 for a litre.
While richer countries such as the U.K. and Canada are paying higher prices, according to the data, poorer nations, oil producers, and exporters such as Iraq and Saudi Arabia get gas at significantly lower prices.
At $2 per litre, Canada’s gas prices are above average when compared to the rest of the world, where the average price is around $1.8 per litre.
GlobalPetrolPrices.com ranks global gas prices across 168 countries and Canada ranks 68th on the list.
In June this year, the monthly average retail gasoline prices saw a sharp increase of more than 50 per cent since 2021.
But there are many nations ahead of Canada when it comes to expensive gas.
While the average price of gas on mainland China is $1.76 per litre, in Hong Kong the price of gas soars to $3.83, which is the most expensive in the world.
Iceland has the second most expensive gas, with prices touching $3.18 per litre, and 37 per cent more than what a person in Canada would pay.
With $1.50 per litre, the U.S. ranks 118th on the list, followed by Indonesia and Mexico (both at $1.5 per litre).
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