Greece has the sixth highest gasoline prices, according to a survey conducted by Market Monitoring Agency for news agency Bloomberg. Out of 60 countries surveyed by Bloomberg, Greece was found to have the sixth highest gasoline prices and the third-highest in Europe. All these despite dramatic income decreases.
The average price is now 1.745 euros per liter, or about $8.80 per gallon, according to a report by the Market Monitoring Agency. Much of that, or, 1.019 euros ($1.36) per liter is taken in taxes, increased by big hikes in the fuel tax.
Using prices in the period from January 3 to 18, the Bloomberg survey showed that Greeks have to spend some 15 percent of their daily wage in order to purchase one liter of gasoline.
Price per gallon of gasoline: $8.62
Rank by most expensive gas: 6
Rank by pain at the pump: 21
The Greeks’ middling pain at the pump score is worsened by the amount they consume. They spend more of their income on gasoline than any country in the ranking: 4.8 percent.
Wages in Greece declined this year amid the ongoing financial crisis, compounding the pain of rising gas prices. Since 2009, Greece has raised gasoline taxes to the third-highest in Europe.
The average Greek earns $58 a day. The share of a day’s wages needed to buy a gallon of gas is 15 percent.
The situation is almost worse in Portugal, another austerity- and IMF-hit EU country.
Price per gallon of gasoline: $8.82
Rank by most expensive gas: 5
Rank by pain at the pump: 17
Taxes account for 64 percent of the price of gas in Portugal. That’s higher than in neighboring Spain, leading many drivers to cross the border in search of a cheap fill.
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