Data from GlobalPetrolPrices.com show the different oil prices around the world, in various countries. 

Hong Kong pays the highest in the world - $11.10 per gallon - with both high gas taxes and land costs representing the main factors behind the increase in prices. It is then followed by the Central African Republic at $8.60 per gallon, as a net importer of gasoline. 

Iceland, Norway, and Denmark struggle with the highest cost in Europe, which has seen inflation hit 10% back in September. 

On Friday, the G7 nations and Australia issued a statement saying that had come to an agreement on the maximum price cap of Russian crude oil: $60 per barrel, a decision which will come into effect on December 5 according to the joint statement. A price cap developed by the US-led international coalition will be implemented on February 5, 2023. 

Gas is not the only matter skyrocketing in pricing: household electricity prices show as being the highest in Europe, where Denmark, Germany, and Belgium are double that of France and Greece, while other EU countries are more than twice or three times the global average of $0.14 per kilowatt-hour.

Electricity prices in the EU jumped 32% when compared to prices of last year. As for the US, it was a recorded jump of 16% as opposed to September last year - the highest in over 40 years.

Ironically, as a result of global warming, natural gas demand dropped in the EU by 22% in October compared to last year. When it comes to natural gas, Brazil has the fourth highest prices, despite the fact that it generates half of the supply domestically. 

Read more: Russian official: Price cap on Russian oil will explode global prices

As for the region of Asia, Singapore has the highest natural gas prices with the majority of the share imported via tankers or pipelines. The EIA shows that European natural gas storage could plunge to 20% by February if demand rises and Russia shuts off supply completely. 

This comes after it was announced that by December, all seaborne crude oil from Russia to Europe will shut down. With no sure alternative, in that case, higher demand would drive an increase in the global competition for fuel.

However, the World Bank projects energy prices will decline 11% in 2023 after the world witnessed a 60% rise this year.

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