Uruguay has the most expensive gasoline in Latin America, at US$2.25 per liter of 95-octane as of 12 October 2026, and Venezuela the cheapest, at less than four US cents, according to [GlobalPetrolPrices](https://www.globalpetrolprices.com/gasoline_prices/), which compiles official prices in each country every week. Chile ranks eighth of 20 countries at US$1.51 per liter, below the world average of US$1.59.
The ranking compares prices in dollars so they can be set side by side. Here are the 20 countries, local-currency prices, diesel and the reasons for the differences.
Gasoline price ranking in Latin America
| Rank | Country | US$ per liter (95-octane) |
|---|---|---|
| 1 | Uruguay | 2.25 |
| 2 | Cuba | 2.00 |
| 3 | Peru | 1.69 |
| 4 | Costa Rica | 1.68 |
| 5 | Mexico | 1.55 |
| 6 | Dominican Republic | 1.54 |
| 7 | Honduras | 1.52 |
| 8 | Chile | 1.51 |
| 9 | Argentina | 1.46 |
| 10 | Panama | 1.43 |
| 11 | El Salvador | 1.36 |
| 12 | Puerto Rico | 1.33 |
| 13 | Nicaragua | 1.33 |
| 14 | Colombia | 1.32 |
| 15 | Paraguay | 1.31 |
| 16 | Guatemala | 1.28 |
| 17 | Brazil | 1.26 |
| 18 | Ecuador | 0.84 |
| 19 | Bolivia | 0.59 |
| 20 | Venezuela | 0.04 |
Data as of 12 October 2026. Puerto Rico and Nicaragua tie when rounded (1.332 and 1.330). For reference, a liter costs US$1.23 in the United States and US$2.00 in Spain.
How much a liter costs in local currency
| Country | Price per liter in local currency | Official source used |
|---|---|---|
| Uruguay | 90.45 Uruguayan pesos | ANCAP |
| Peru | S/ 5.78 | Petroperú |
| Mexico | 28.38 Mexican pesos | Energy Regulatory Commission |
| Chile | 1,479.17 Chilean pesos | National Energy Commission |
| Argentina | 2,208.33 Argentine pesos | Energy Secretariat |
| Colombia | 4,196.64 Colombian pesos | CREG |
| Brazil | R$ 6.54 | ANP |
| Bolivia | Bs 6.96 | National Hydrocarbons Agency |
Local prices come from the country pages for Chile, Mexico, Argentina, Peru, Uruguay, Brazil, Colombia and Bolivia. In Chile, the exact price by station can be checked on Bencina en Línea.
Diesel prices in Latin America
| Rank | Country | US$ per liter of diesel |
|---|---|---|
| 1 | Cuba | 2.00 |
| 2 | Peru | 1.92 |
| 3 | Costa Rica | 1.73 |
| 4 | Argentina | 1.63 |
| 5 | Uruguay | 1.56 |
| 6 | Paraguay | 1.54 |
| 7 | Bolivia | 1.53 |
| 8 | Panama | 1.51 |
| 9 | Puerto Rico | 1.51 |
| 10 | Honduras | 1.48 |
| 11 | Guatemala | 1.48 |
| 12 | Mexico | 1.46 |
| 13 | Chile | 1.46 |
| 14 | Brazil | 1.35 |
| 15 | El Salvador | 1.28 |
| 16 | Nicaragua | 1.17 |
| 17 | Dominican Republic | 1.17 |
| 18 | Colombia | 0.94 |
| 19 | Ecuador | 0.82 |
| 20 | Venezuela | 0.00 |
Data from GlobalPetrolPrices as of 12 October 2026. The world average for diesel is US$1.66 per liter. Venezuela sells a liter for less than one US cent (US$0.004).
Why the price of gasoline varies so much between countries
- Taxes: a large part of the final price is fuel-specific taxes, set by each country. Tax differences explain much of the gap between the top and bottom of the ranking.
- Subsidies: Venezuela and Ecuador keep prices far below international cost. In Bolivia, a liter rose to Bs 6.96 after subsidies were removed, but in dollars it is still among the cheapest.
- Exchange rates: the dollar ranking moves with currencies. If the Mexican or Chilean peso weakens, gasoline looks cheaper in dollars even if it does not change in pesos.
- Stabilization schemes: Chile uses the MEPCO mechanism to smooth weekly changes; Mexico uses stimulus on the special fuel tax (IEPS).
Chile, Mexico, Argentina and Peru in the gasoline price ranking
- Peru (3rd, US$1.69): the most expensive of Vivarae's four editions.
- Mexico (5th, US$1.55): a liter costs more than 28 pesos, just as the peso weakens against the dollar.
- Chile (8th, US$1.51): below the world average; MEPCO cushions weekly swings in international prices.
- Argentina (9th, US$1.46): a liter costs over 2,200 Argentine pesos; in dollars, the price depends on the official exchange rate.
| Country | Cost of 50 liters (US$) |
|---|---|
| Uruguay | 112.60 |
| Peru | 84.25 |
| Mexico | 77.25 |
| Chile | 75.30 |
| Argentina | 72.95 |
| Colombia | 65.95 |
| Brazil | 63.00 |
| Bolivia | 29.60 |
Our calculation using the per-liter prices in the ranking. Brazil, Latin America's largest oil producer, is among the cheapest at US$1.26 per liter. To understand the currency moves behind these comparisons, see why the Mexican peso is falling and the Latin America inflation ranking.
Methodology
We use the 95-octane gasoline and diesel prices published by GlobalPetrolPrices for 12 October 2026. The site takes prices from official sources in each country (energy commissions, state companies or ministries) and converts them to dollars at that date's exchange rate. We include the 20 Latin American and Caribbean countries and territories with published data. The US$1.59 world average is from the site's main page; country pages show a different comparison average (US$1.47), which we do not use.
How to cite this data
You may use the figures and chart on this page if you credit the original source and Vivarae News. Suggested citation: "Gasoline prices in Latin America: ranking by country, October 2026", Vivarae News, updated 18 October 2026, https://vivaraenews.com/en/gasoline-prices-in-latin-america-ranking-by-country-october-2026/. We update this ranking at the same address every month.
Frequently asked questions
Which country has the most expensive gasoline in Latin America?
Uruguay, at US$2.25 per liter of 95-octane as of 12 October 2026.
Which country has the cheapest gasoline in Latin America?
Venezuela, at less than four US cents per liter.
How much does gasoline cost in Chile in dollars?
US$1.51 per liter, about 1,479 Chilean pesos, according to data based on the National Energy Commission.
How often is this ranking updated?
We update it every month on this same page.
