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Mapped: Global energy prices, by country in 2022

For some countries, energy prices reached historic levels in 2022.

Gasoline, electricity and natural gas prices have soared as Russia’s invasion of Ukraine disrupted global energy supply chains. Households and businesses face higher energy bills due to extreme price volatility. Uncertainty about the war is high, and heating costs are predicted to rise during the winter.

Given the global impact of the energy crisis, the infographic above shows the price of energy for households by country, with data from GlobalPetrolPrices.com.

1. Global energy prices: gasoline

Which countries and regions pay the most for a gallon of gas?

Source: GlobalPetrolPrices.com. As of October 31, 2022. Represents average household prices.

On average $11.10 per gallon, Hong Kong households pay the most for gasoline in the world – more than double the global average. Both high gas taxes and high land costs are the primary factors behind high gas prices.

Like Hong Kong, the Central African Republic has high gas costs, at $8.60 per gallon. As a net importer of gasoline, the country has faced increased price pressures since the war in Ukraine.

Households in Iceland, Norway and Denmark face the highest petrol costs in Europe. Overall, Europe has been hit by inflation 10% September, fueled by the energy crisis.

2. Global energy prices: electricity

Extreme volatility is also seen in electricity prices.

Most of the highest electricity prices for households are in Europe, where prices in Denmark, Germany and Belgium are approx double that of France and Greece. For perspective, electricity prices in many countries in Europe are more than two or three times higher than the global average of $0.14 per kilowatt-hour.

During the first quarter of 2022, electricity prices for households in the European Union jumped 32% compared to the year before.

Source: GlobalPetrolPrices.com. As of March 31, 2022. Represents average household prices.

In the US, electricity prices for consumers have almost risen 16% year on year compared to last September, the biggest increase in more than four decades, fueling higher inflation.

However, households are more protected from the impact of Russian supply disruptions because the US is a net energy exporter.

3. Global energy prices: natural gas

Eight of the world’s 10 highest natural gas prices are falling in Europe, with the Netherlands at the top. Overall, European natural gas prices have soared sixfold in one year since the invasion of Ukraine.

Source: GlobalPetrolPrices.com. As of March 31, 2022. Represents average household prices.

The good news is that the fall season was relatively warm, which helped natural gas demand in Europe to fall 22% in October compared to last year. This helps reduce the risk of gas shortages later in the winter.

Outside of Europe, Brazil has the fourth highest natural gas price in the world, despite producing about half of its supply domestically. The high cost of cooking gas has been particularly challenging for low-income families, becoming a key political issue ahead of October’s presidential election.

Meanwhile, Singapore has the highest natural gas prices in Asia because most is imported by tanker or pipeline, leaving the country vulnerable to price shocks.

Increasing competition

By December, all crude oil shipments from Russia to Europe will have stopped, which is likely to lead to higher gasoline prices in the winter and 2023.

Relatedly, analysis from the EIA shows that Europe’s natural gas storage capacity could sink to 20% by February if Russia shuts off its supply completely and demand is not reduced.

As Europe looks for alternatives to Russian energy, higher demand could increase global competition for fuel sources, pushing up energy prices in the coming months.

Still, there is some room for optimism: The World Bank predicts that energy prices will fall 11% in 2023 after rising 60% after the war in Ukraine in 2022.