Fuel Price

As the petrol price climbs and the oil price is continuously hitting record highs and the Rand vale decreases, we as consumers are feeling the burn. If you want to drive a car you can only grind your teeth as every tank of petrol gets more and more expensive. Unfortunately there is nothing we can do about it except for the occasional joke around the braai or on a WhatsApp message. Instead of complaining about something you and I have no control over, here is some cool stats you can share around the braai or on a WhatsApp message.

 

How does the South African fuel price

compare with the rest of the world?

 

Bloomberg published a very interesting article in May 2018 where they compare fuel prices of 61 countries. According to Bloomberg the average petrol grew with about 6.1% in the first three months of 2018.

https://www.bloomberg.com/graphics/gas-prices/#20181:South-Africa:ZAR:l

 

They measured the fuel price according to three categories:

  1. Fuel Price

What is the average fuel price/liter?

  1. Affordability

What percentage of a person’s daily income does it take to afford a liter of petrol?

  1. Income Spend

What percentage of a person’s yearly salary is spend on fuel?

 

I chose six countries and here are the results:

( Please see the website for all countries’ results: https://www.bloomberg.com/graphics/gas-prices/#20181:South-Africa:ZAR:l )

 

South Africa:

The pressure we as South Africans are feeling is in our national average income vs the fuel price.

  • Price: (Rank 20th of 61) – 19.19/l (average)
  • Affordability: (Rank 56th of 61) – With an average daily income of 237.13, it takes 5.98% of your daily wage to buy a liter of petrol.
  • Income Spend: (Rank 60th of 61) – The average driver uses 202.07l of fuel a year and amounts to about 3.31% of an annual salary.

 

Venezuela:

Viva la libertά! In this oil rich country its people spend almost nothing on petrol, in fact, 1l of petrol is cheaper that a cup of coffee!

  • Price: (Rank 1st of 61) – 0.01/l (average)
  • Affordability: (Rank 1st of 61) – With an average daily income of 613.83, it takes 0.0% of your daily wage to buy a liter of petrol.
  • Income Spend: (Rank 1st of 61) – The average driver uses 483.67l of fuel a year and amounts to about 0.0% of an annual salary.

 

Hong Kong:

The price per liter is the most expensive in Hong Kong, but if you factor in the average income and the amount of time the average Hong Kong resident spend behind the wheel it paints a much rosier picture that the price would make one believe.

  • Price: (Rank 61st of 61) – 25.01/l (average)
  • Affordability: (Rank 24th of 61) – With an average daily income of R 1 596.65, it takes 1.57% of your daily wage to buy a liter of petrol.
  • Income Spend: (Rank 2nd of 61) – The average driver uses 113.77l of fuel a year and amounts to about 0.49% of an annual salary.

 

Nigeria:

As Africa’s number one oil producer, Nigeria subsidizes its petrol to make it very cheap, but this inherently puts stain on the government to invest in other much needed infrastructure and education projects.

  • Price: (Rank 5th of 61) – 47/l (average)
  • Affordability: (Rank 58th of 61) – With an average daily income of 62.82, it takes 8.71% of your daily wage to buy a liter of petrol.
  • Income Spend: (Rank 35th of 61) – The average driver uses 54.96l of fuel a year and amounts to about 1.31% of an annual salary.

 

India:

In the affordability segment India scores by far the lowest. Due to India’s high population and a low average income, India has a big energy deficiency. The Indian government plans to stop the sale of internal combustion engines by 2030, which is a very aggressive target.

  • Price: (Rank 21st of 61) – 14.24/l (average)
  • Affordability: (Rank 61th of 61) – With an average daily income of 70.80, it takes 20.11% of your daily wage to buy a liter of petrol.
  • Income Spend: (Rank 30th of 61) – The average driver uses 22.55l of fuel a year and amounts to about 1.24% of an annual salary.

 

New-Zealand

This first world country uses a lot of fuel. Kiwi’s like to spend time in their cars and a large part of a New-Zealander’s annual income is spend on fuel.

  • Price: (Rank 40th of 61) – 19.35/l (average)
  • Affordability: (Rank 19th of 61) – With an average daily income of R 1 479.24, it takes 1.31% of your daily wage to buy a liter of petrol.
  • Income Spend: (Rank 54th of 61) – The average driver uses 672.31l of fuel a year and amounts to about 2.41% of an annual salary.

 

Save Driving

Hanru Reyneke

Founder: Cars One100

 

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