Taxes on Oil

Who gets what from a litre of oil in 2020

The graph above illustrates the inter-country variations in the components of the average price of one litre of pump fuel sold across G7 countries, as well as the OECD average during 2020. It is important to note that these variations are mainly due to the widely varying levels of taxes (in red) imposed by major oil consuming nations. These can range from relatively modest levels - like in the USA - to very high levels in Europe and Asia/Pacific.

For example, in Italy the government in 2020 earned about 65% of the price charged for every litre of pump fuel sold to consumers via taxes. On the other hand, the crude price, which reflects imports from oil producing countries (including OPEC), accounted for 18% of the total pump fuel price in the country in 2020.

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