Brazil Ranks 65th in Global Gasoline Prices Amidst Escalating Conflicts

The ongoing conflicts in the Middle East, involving the United States, Israel, and Iran, have led to a sustained upward trend in global crude oil prices. International oil markets have experienced significant volatility, with prices momentarily exceeding $100 per barrel. The closure of the Strait of Hormuz by Iran has further intensified pressure on oil prices. According to the latest survey released this week by the Global Petrol Prices platform, Brazil's gasoline prices rank 65th globally. The average price per liter in Brazil is $1.273, equivalent to R$6.56. The report identifies Libya as having the cheapest gasoline worldwide, at an average of just $0.023 per liter. Iran follows closely with $0.029 per liter. In third place is Venezuela, another nation targeted by the US, with an average of $0.035 per liter, boasting the world's largest known oil reserves. Cuba, which is grappling with oil shortages, is positioned four places below Brazil on the list, with gasoline priced at $1.295 per liter. Notably, the average price in the United States is $1.141 per liter. The Global Petrol Prices platform highlights the U.S. as an exception in fuel sales, stating that generally, wealthier nations tend to have higher gasoline prices, yet North America's prices are considered low relative to global standards. The survey also explains that price variations can be attributed to each administration's tax policies on the commodity or whether the country is a significant oil producer.