While South African may not have the highest petrol price in the world, it pays the biggest proportion of the average annual income at the pumps, according to Bloomberg’s Petrol Price rankings.
The ranking looks at the fuel prices of petrol per gallon (3.8 litres) in 61 countries across the globe, and also looks at the per-gallon cost as a percentage of daily and annual income.
In the second quarter of 2014, South Africa ranked 42nd for petrol costs, measuring an average of US$4.97 per gallon.
Expressed as a percentage of the average daily income (US$18, according to Bloomberg), South Africa ranks 10th highest out of the countries measured, with every gallon consuming 27.51% of the total.
However, looking at the portion of annual income spent on petrol, South Africa ranks number one as a high-consumption country, paying 4.62% of the total annual average income (per capita) at the pumps.
“South Africans face a lot of pain at the pump, which is made worse by the amount of gas they consume,” Bloomberg said.
“The government has raised gas prices in the past year, helping push inflation to the upper bounds of the central bank’s maximum target range of 6%.”
It’s not all bad news, however, as South African motorists can expect some breathing room at petrol pumps on 5 November, with the price of fuel coming down 45 cents per litre.
Inland petrol prices will drop to R13.16 per litre of 95 Octane on Wednesday.
Winners and losers
According to the ranking, Norway pays the most for petrol in the world – US$9.79 per gallon – but that’s a small portion of the daily wage (3.59%) and an even smaller portion of the annual income (0.86%).
Pakistan has the highest fuel cost to wage proportion, where motorists are charged more than the average daily wage (114.9%) to fill up.
Venezuela, which pays the least for petrol across the countries measured (US$0.04), also spends the lowest proportion of its daily wage (0.13%) and the lowest proportion of its annual income (0.05%).
Most expensive petrol prices
|#||Country||Price per Gallon (US$)|
Petrol prices as a % of daily wage
|#||Country||% of avg. daily wage
Petrol prices as a % of annual income
|#||Country||% of annual avg. income
Check out the full ranking on Bloomberg.