Heating Oil prices, litre, 29-May-2023

Heating oil prices, 29-May-2023: The average price of heating oil around the world is 1.10 U.S. Dollar per litre. However, there is substantial difference in these prices among countries. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the U.S. which is an economically advanced country but has low gas prices. The differences in prices across countries are due to the various taxes and subsidies for heating oil. 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 heating oil is different. On the graph, the prices for the countries indicated with a * are updated on a weekly basis. The prices for the other countries are updated on a monthly basis because these countries have regulated fuel markets and prices do not change frequently.