Petrol price is dependent on various different factors such as crude oil prices on the international markets or taxes and margins established by petrol stations’ owners. In fact, the value of 1 litre of petrol at the retail point of sale may change overnight, and even by the hour in some countries.
Now, with the petrol prices constantly being a hot topic all over the world, Picodi Analysis Team decided to take a closer look and compare the average fuel prices in the first half of 2019 from over 100 countries, cross-referencing them with the latest average wages in respective countries.
The result is a petrol index which basically shows how many litres of petrol people in various countries can buy.
According to the index, Singapore ranked 6th among 17 researched APAC countries. With the average Singaporean wage, one can get 1,598 litres of petrol.
An average Singaporean places lower than an average Malaysian (5th place with 1,707 litres), but higher than an average Hongkonger (7th place with 983 litres) or Thai (11th place with 309 litres).
Besides that, the cheapest petrol can be found in Malaysia — an average Malaysian would only have to pay 49 cents (converted from ringgits) for one litre of petrol. In contrast, filling the tank is the most expensive in Hong Kong where the average price for one litre is S$2.15.
The best ratio of petrol price to the average salary in this region can be observed in Australia and Japan, countries where little oil is produced. The average wages there are enough to buy 3,783 and 2,006 litres of liquid gold respectively. Meanwhile, South Korea, with 1,908 litres, takes the third place among the 17 researched countries.
On a worldwide scale, those who are in the best situation are citizens of Qatar (6,476 litres) and the worst off are Cubans (26 litres).
For the full report with more infographics of the key findings, click here.