Global Fossil Fuel Prices Today

The global average price of petrol is approximately $1.52 per litre (USD) as of 14 May 2026, based on data from 83 countries. Prices range from under $0.05/L in heavily subsidised nations like Venezuela to over $3.00/L in high-tax markets like Hong Kong and Iceland. EU average petrol rose to €1.809/L (EU Oil Bulletin May 4), up 13.7% since late February, driven by Brent crude volatility from the Iran conflict.

Venezuela has the world's cheapest petrol at approximately $0.02 per litre, heavily subsidised by the government. Other ultra-cheap markets include Iran (~$0.04/L) and Libya (~$0.08/L), all of which maintain government price controls on domestically-produced oil.

Hong Kong consistently records some of the highest petrol prices globally, typically above $3.00/L due to extremely high fuel duty, limited storage, and urban density. Other expensive markets include Iceland, Norway, and the Netherlands - European countries with significant fuel taxes funding public infrastructure and social programmes.

The global average price of Jet A-1 aviation fuel is approximately $1.02 per litre ($162.89/barrel) as of 13 May 2026, according to IATA and S&P Global Platts data. This is down ~18% from a ~$197/barrel peak in late March as the Strait of Hormuz situation partially stabilised and US-Iran talks resumed. European hubs still trade 10-20% above the global average due to tight middle-distillate stocks and a 23.9% rise in EU diesel prices since February.

The three biggest drivers of global fuel prices are the price of crude oil (Brent and WTI benchmarks), government taxes and subsidies, and local currency exchange rates against the USD. Supply disruptions - such as geopolitical conflict near major shipping routes like the Strait of Hormuz - can spike prices dramatically. In 2026, Brent crude peaked at ~$116/bbl in early May before retreating to ~$108/bbl at May 14 as US-Iran talks reportedly resumed. The EUR/USD rate at 1.1738 (ECB May 12) means EU fuel prices are slightly lower in USD terms than the peak.

Biofuels are liquid fuels derived from organic matter - crops, agricultural waste, or algae - rather than ancient fossil deposits. Sustainable Aviation Fuel (SAF), a biofuel for aviation, can reduce lifecycle CO2 emissions by up to 80% compared to conventional jet fuel. However, biofuels currently cost 3 - 5× more than fossil fuels and are constrained by feedstock availability and production capacity.

Aviation's primary decarbonisation pathway is Sustainable Aviation Fuel (SAF) - a drop-in replacement for Jet A-1 that requires no aircraft modification. The ICAO CORSIA scheme mandates carbon-neutral growth from 2020, with SAF blending targets increasing through 2030. Beyond SAF, fleet efficiency improvements (~1 - 2% per year) and carbon removal programmes also contribute to reducing the sector's ~1 billion tonne annual CO2 output.