Shocked by gas at $4 in America? Try $16 in this Asian city | CNN Business

If you thought paying $4 for gasoline was bad, spare a thought for this international financial hub which currently has the highest gas prices in the world. As average gas prices across the United States hit a record since 2022, residents of Hong Kong are confronted with the world’s costliest petroleum – at around US$15.6 per gallon. Even before President Donald Trump launched a war against Iran – and plunged the world into a historic energy crisis – the semi-autonomous Chinese city had consistently faced the world’s highest gasoline prices, according to data from GlobalPetrolPrices.com, an energy price tracking website. The conflict involving oil-producing Gulf states, and the effective closure of a critical oil and gas shipping route in the Strait of Hormuz, has sent oil prices surging globally over the past month. This is particularly painful for Hong Kong and other Asian economies, which depend heavily on energy sourced from the Middle East and transported through the strait. While private car owners represent only about 8.4% of the city’s 7.5 million people, according to data calculated from Hong Kong’s Transport Department, economists said the sky-high gasoline