KUALA LUMPUR (May 19): Malaysia ranks among the top 10 nations with the cheapest gasoline prices in the world.

According to GlobalPetrolPrices.com, as at May 16, the average price of gasoline around the world is US$1.36 (about RM5.99) per litre.

The portal tracks the retail prices of motor fuel, electricity, and natural gas in over 150 countries.

However, it said there is a substantial difference in these prices among countries.

It said as a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices.

It said one notable exception is the US, which is an economically advanced country but has low gas prices.

It explained that 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.

Malaysia is the 10th cheapest on the list at 46.6 cents per litre of gasoline. The cheapest gasoline price is in Venezuela at 2.2 cents per litre.

Meanwhile, neighbouring Indonesia’s average gasoline price was US$1.136 per litre, and it was US$1.497 a litre in the Philippines, while Singapore's was at US$2.219.

Hong Kong has the highest price at US$2.897 a litre, according to the portal.