The average price of gasoline around the world is $1.08 per liter as of January 7, reports Global Petroleum Prices, who compiled a list of countries with the cheapest and most expensive petrol prices.

Analysts say richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. The only exception is the United States, where gasoline is sold at low prices.

“The differences in prices across countries are due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different,” experts say.

As per the report, Venezuela is the country where a liter of petrol is the cheapest - $0.01, while Sudan ($0.13) and Iran ($0.29) are second and third in the rating respectively.

Uzbekistan ranked 18th with average price of gasoline to be around $0.54 per liter.

In neighboring Turkmenistan, one liter of gasoline is sold at $0.43, while in Kazakhstan it is $0.48 and in Kyrgyzstan $0.67. Tajikistan is not included in the rating.

Highest prices for gasoline were recorded in Hong Kong ($ 2.04), Monaco (1.98) and Norway (1.85).