Cost of energy in a vessel
Assessing likely applications in marine transport where shift to electric
will succeed without other interventions.
Sandith Thandasherry, Founder CEO, Navalt (sandith@navalt.in)
Abstract
Any marine technology adoption can be
analysed using economic analysis [1].
Understanding operating expenses (OPEX)
is the first step and the start of such an
analysis is the cost of energy from the
various sources. The driver for the costs is
fuel cost (diesel or hydrogen) and grid cost.
Across the various countries with wide
range of these costs, it is evident that
countries with high diesel cost and low grid
costs would have faster adoption of
electrification with the spread between
the cost of energy in auxiliary and
propulsion being the actual decider. The
shift to electric is observed to be more
economical in auxiliary energy than
propulsion and should be the first to be
electrified. Among the various costs of
hydrogen fuel estimated in near term,
medium term and long term, some
countries have easy shift whereas some
have near impossible shift. It can also be
seen that applications with significant
contribution from solar have very low
OPEX. Among the hybrid configuration,
parallel hybrid has lower OPEX than series.
Many decisions can be easily made with
clear understanding of the cost of energy
in auxiliary and propulsion.
Introduction
In a boat there are the two types of energy
required – propulsion and auxiliary.
Propulsion, in this context, pertains to the
energy necessary for the movement of a
1
Heating, Ventilation and Air Conditioning
vessel, typically involving the transfer of
mechanical energy to propel the boat on
water. All additional energy requirements
within a boat are categorised as auxiliary.
The energy requirements encompass
several aspects such as HVAC1, lighting,
controls, navigation, entertainment, public
address, and additional necessities. Most
of them operate using electricity, and for
the purpose of this study, it is presumed
that the required energy is in the form of
electricity.
Within a vessel, numerous energy sources
can be identified, which can be categorised
into five distinct groups: batteries, fuel
cells, solar panels, wind turbines, and
engines. This paper examines the
utilisation of a battery for grid energy
storage, a fuel cell driven by green
hydrogen, and an engine fuelled by diesel.
This framework can be expanded to
encompass any new types of fuels.
Energy sources and Cost drivers
We have seen five sources of energy and
two types that are used in a vessel –
mechanical and electrical. We shall
examine the driver for the cost of
mechanical energy and electrical energy
for each of them.
1. Battery (grid energy)
The grid energy stored in battery is
delivered as auxiliary energy. The cost
of electrical energy is influenced by
three factors: the grid cost (CG), the
1
 efficiency of the battery (B), and the
efficiency of other systems (E). We
can arrive at the cost of electrical
energy (auxiliary energy) from battery
as shown below.
𝐶𝐺
𝐶𝐸𝐸−𝐵 = Eqn 1
𝐵 𝑥 𝐸
To convert this electrical energy into
mechanical energy, it must be supplied
to the propulsion motor with an
efficiency M. The cost of the output
propulsion energy from battery is
calculated as:
𝐶𝐺
𝐶𝑃𝐸−𝐵 = Eqn 2
𝐵 𝑥 𝐸 𝑥 𝑀
2. Fuel cell (H2 energy)
A fuel cell is utilised to transform the
chemical energy contained in H2 into
electrical energy. There are three
factors that influence the cost: the cost
of hydrogen per kilogram (𝐶𝐻 ), the
specific fuel consumption of the fuel
cell (𝑆𝐹𝐶𝐹𝐶 ) measured in grammes per
kWh, and the efficiency of the overall
system (E). We can compute the cost
of electrical energy (auxiliary energy)
from fuel cell as follows:
𝐶𝐻 𝑥 𝑆𝐹𝐶𝐹𝐶
𝐶𝐸𝐸−𝐹𝐶 = Eqn 3
1000 𝑥 𝐸
The electrical energy from fuel cell is
converted to mechanical energy
(propulsion energy) using motor with
efficiency M. The cost of propulsion
energy from fuel cell is therefore:
𝐶𝐻 𝑥 𝑆𝐹𝐶𝐹𝐶
𝐶𝑃𝐸−𝐹𝐶 = Eqn 4
1000 𝑥 𝐸 𝑥 𝑀
3. Solar panel (Solar energy)
The solar energy captured by solar
panel is free and hence the cost of
electrical energy in auxiliary and
mechanical energy in propulsion is
zero.
𝐶𝐸𝐸−𝑆 = 0 Eqn 5
𝐶𝑃𝐸−𝑆 = 0 Eqn 6
4. Wind turbine (Wind energy)
The wind energy captured by wind
turbines is free and hence the cost of
electrical energy in auxiliary and
mechanical energy in propulsion is
zero.
𝐶𝐸𝐸−𝑊 = 0 Eqn 7
𝐶𝑃𝐸−𝑊 = 0 Eqn 8
5. Engine (Diesel energy)
The engine converts chemical energy from
diesel to mechanical energy. This can be
directly used to drive propulsion system.
The factors influencing the cost of
mechanical energy include the fuel cost
(𝐶𝐹𝑂 ) per litre, specific fuel consumption of
engine (𝑆𝐹𝐶𝐸 ) in grams per kWh, fuel
density (𝜌𝐹𝑂 ), and the engine maintenance
cost as a percentage of the fuel cost
(𝐶𝑀−𝐸 ). The cost of mechanical energy
derived from an engine can be calculated
as follows:
𝐶𝐹𝑂 𝑥 𝑆𝐹𝐶𝐸 𝑥 (1+𝐶𝑀−𝐸 )
𝐶𝑃𝐸−𝐸 = Eqn 9
1000 𝑥 𝜌𝐹𝑂
Alternatively, the engine can be connected
to an alternator, the combination now
referred to as diesel generator (DG). The
additional drivers for cost are the efficiency
of alternator (A) and other system
efficiency (E). The cost of electrical energy
from alternator is:
𝐶𝐹𝑂 𝑥 𝑆𝐹𝐶𝐸 𝑥 (1+𝐶𝑀−𝐸 )
𝐶𝑃𝐸−𝐸 = Eqn 10
1000 𝑥 𝜌𝐹𝑂 𝑥 𝐴 𝑥 𝐸
This electrical energy can be converted to
mechanical energy using a motor with
efficiency (M) and the cost of this
propulsion energy is:
𝐶𝑃𝐸−𝐸 =
𝐶𝐹𝑂 𝑥 𝑆𝐹𝐶𝐸 𝑥 (1+𝐶𝑀−𝐸)
Eqn 11
1000 𝑥 𝜌𝐹𝑂 𝑥 𝐴 𝑥 𝐸𝑥 𝑀
This scenario is for series hybrid where
engine drives alternator and is connected
to motor that drives propulsion.
2
Figure 1 -Cost of energy calculation for each energy source

3
Cost of fuel and grid across countries
If we compare to energy cost (fuel and grid)
across countries, we can see a huge range.
The diesel cost varies from 0.4 US Cents per
litre in Venezuela to 290 US Cents per litre
in Hong Kong. The grid cost too has huge
range between 1 US Cents per kWh to 58
Cents per kWh in Israel.
In the earlier section we saw that cost of
energy from battery is directly
proportional to the grid cost and the cost
of energy from engine is proportional to
the fuel cost. We also know that in a
transport system cost of energy onboard
(mechanical for propulsion and electrical
for auxiliary) is the main part of operating
expense (OPEX). This means that OPEX of
a diesel engine boat rise in tandem with
fuel cost, while the OPEX of an electric boat
rise in accordance with grid cost.
Cost of energy from battery
If we take Eqn 1, we can compute the cost
of electric energy from battery. The
efficiency of battery (B) is taken as 90%,
and other system efficiency (E) as 90%.
Substituting this in Eqn 1, and taking grid
cost (CG) of Norway as 12 US Cents/kWh,
we get the cost of electrical energy
(auxiliary energy) from battery as:
12
𝐶𝐸𝐸−𝐵 = = 15 𝑈𝑆 𝐶𝑒𝑛𝑡𝑠/𝑘𝑊ℎ
90% 𝑥 90%
If we take propulsion motor efficiency (M)
as 90% and use Eqn 2 to calculate the cost
of mechanical energy from battery
(propulsion energy), we get:
12
𝐶𝑃𝐸−𝐵 =
90% 𝑥 90% 𝑥 90%
= 17 𝑈𝑆 𝐶𝑒𝑛𝑡𝑠/𝑘𝑊ℎ

Given that the capital expenditure (CAPEX) We can calculate the same for the other
of electric boat is higher than diesel boat, three countries and the results are:
to make the shift to electric viable, the Auxiliary Propulsion

OPEX of electric boat must be lower. The Grid cost CG CEE-B CPE-B
Country US US US
difference in OPEX between a diesel boat Cents/kWh) Cents/kWh Cents/kWh
and electric boat is driven by the spread Norway 12 15 17
between the cost of diesel and cost of grid.
India 9 11 12
The Table 6 is a list of 134 countries ranked Saudi
by decreasing spread between costs of 7 9 10
Arabia
propulsion energy. Let’s take four US -
35 43 48
California
countries from this this list (rank in Table 2 – Cost of energy from battery
bracket) and assess the numbers – Norway
(4), India (41), Saudi Arabia (115), and US –
California (131). Cost of energy from engine
If we use Eqn 9, we can compute the
Diesel cost Grid cost
energy from engine. Although the specific
Rank Country CFO CG fuel consumption of engine (𝑆𝐹𝐶𝐸 ) of
US Cents/l US Cents/kWh small size in ideal condition is 200 ~ 225
4 Norway 201 12
grams per kWh, it is closer to 250 grams
per kWh. The density of fuel (𝜌𝐹𝑂 ) is 0.85
41 India 125 9
kg per litre, and cost of engine
115 Saudi Arabia 31 7
maintenance as percentage of the cost of
141 US - California 104 35
fuel (𝐶𝑀−𝐸 ) is taken as 10%. Substituting
Table 1 – Cost of diesel and fuel in four countries
this in Eqn 9 and taking diesel cost of

4
Norway of 201 US Cents per litre we get the If the difference between energy costs
cost of mechanical energy from engine as: from engine and battery costs are higher, it
means higher difference in OPEX since
201 𝑥 250 𝑥 (1 + 10%) energy costs is dominant cost of OPEX.
𝐶𝑃𝐸−𝐸 =
1000 𝑥 0.85 Let’s look at propulsion costs. In Norway
= 65 𝑈𝑆 𝐶𝑒𝑛𝑡𝑠/𝑘𝑊ℎ
the difference between the costs per kWh
from engine and battery is 48 cents. The
If we consider efficiency of alternator (A) adoption of battery technology results in a
as 90% and other system efficiency (E) as cost reduction of 48 cents for each unit of
90% then using Eqn 10 we can get the cost propulsion energy required. The decrease
of electrical energy from engine in Norway. amounts to 28 cents in India, 0 cents in
This is: Saudi Arabia, and a 14 cent rise in US –
201 𝑥 250 𝑥 (1 + 10%) California.
𝐶𝐸𝐸−𝐷𝐺 =
1000 𝑥 0.85 𝑥 90% 𝑥 90%
The ratio of the costs also indicates how
= 80 𝑈𝑆 𝐶𝑒𝑛𝑡𝑠/𝑘𝑊ℎ much higher or lower the OPEX would be.
Let’s look at ratio of propulsion costs. In
We can calculate the same for the other Norway the cost of propulsion energy from
three countries and the results are: engine is 3.8 times (=65/17) that from
battery. This is 3.3 in case of India. For
Auxiliary Propulsion Saudi the ratio is 1 and for US-California it
Diesel Cost CEE-DG CPE-E is 0.7.
Country CFO US US
US Cents/l Cents/kWh Cents/kWh
From the difference and the ratio, clearly,
Norway 201 80 65 we can see that the shift to electric
India 125 50 40
(battery) significantly reduces OPEX in case
Saudi of Norway, and reasonably reduces in case
31 12 10
Arabia of India. For Saudi Arabia there is no
US -
California
104 42 34 change in OPEX and hence the shift to
Table 3 -Cost of energy from engine electric does not offer any benefit. In case
of US-California the shift to electric is more
Comparing costs of energy expensive. Hence, we can see that
After doing a comparative analysis of the countries with high diesel costs and low
propulsion and auxiliary energy costs grid costs are the countries that would
derived from the two sources, some have faster shift to electric (battery)
noteworthy observations can be made. without other incentives.
Auxiliary Propulsion
If we take the auxiliary energy costs, we
CEE-B CEE-DG CPE-B CPE-E
US US US US will come to similar conclusion. However,
Country
Cents/k Cents/k Cents/k Cents/k there is one other important observation.
Wh Wh Wh Wh
When we compare the costs between
Norway 15 80 17 65
propulsion and auxiliary for each energy
India 11 50 12 40
source, we see that the energy cost
Saudi
Arabia
9 12 10 10 increase when we move from propulsion
US -
California
43 42 48 34 to auxiliary in case of diesel and it
Table 4 – Auxiliary and propulsion energy costs decreases in case of battery. This is
because in case of diesel the initial output

5
is mechanical and then it is converted to fuel cell (𝑆𝐹𝐶𝐹𝐶 ) as 78 grams per kWh, and
electrical with some losses, whereas in other system efficiency (E) as 90%, we can
case of battery the initial output is electric, calculate the cost of electrical energy:
and it is converted to mechanical with 500 𝑥 78
𝐶𝐸𝐸−𝐹𝐶 =
some losses. It would mean that both the 1000 𝑥 90%
spread and ratio of costs between engine
and battery is higher in case of auxiliary = 43 𝑈𝑆 𝐶𝑒𝑛𝑡𝑠/𝑘𝑊ℎ
energy compared to propulsion energy.
For green hydrogen cost of 300 and 200 US
If we put down the comparison, the spread Cents per kg, the cost of electrical energy
is 65 cents in Norway, 39 cents in India, 3 reduces to 26 and 17 US Cents per kWh
cents in Saudi Arabia, and -1 cents in US - respectively.
California. Similarly, the ratio is 5.3 in
Norway, 4.5 in India, 1.3 in Saudi Arabia, To compute the propulsion energy cost, we
and 0.98 in US-California. These are all need to use Eqn 4 and if we take the
higher than the figures for propulsion propulsion motor efficiency (M) as 90%,
energy. Again, given that OPEX reduction in we get,
500 𝑥 78
battery compared to engine is higher when 𝐶𝑃𝐸−𝐹𝐶 =
1000 𝑥 90% 𝑥 90%
the spread and ratio between engine and
battery energy costs, we can conclude that = 48 𝑈𝑆 𝐶𝑒𝑛𝑡𝑠/𝑘𝑊ℎ
shift to electric is more economical in
auxiliary than compared to propulsion For green hydrogen cost of 300 and 200 US
when we take OPEX. Cents per kg, the cost of propulsion energy
is 29 and 19 US Cents per kWh respectively.
Interestingly the CAPEX increase in Both results can be compiled as,
auxiliary energy is lower compared to
propulsion energy when we shift from Auxiliary Propulsion
engine to battery since the requirements 500 300 200 200
500 US 300 US
are more complex in propulsion. This US US US
Cents Cents
US
Cents Cents Cents Cents
strengthens the point that the shift to
43 26 17 48 29 19
electric in auxiliary is more economical
Table 5 - Cost of auxiliary and propulsion energy from H2
than propulsion in any country. Hence, we
can conclude that for any country the shift Like battery, in H2 fuel cell too the auxiliary
to electric (battery) is more economical in energy cost is cheaper than propulsion
auxiliary energy than in propulsion and it energy costs and therefor the spread with
should be the first to be done before diesel is higher in auxiliary energy. Hence
trying propulsion. like in battery the first conversion to H2
fuel cell should first happen in auxiliary
Cost of energy from fuel cell (H2) energy before planning to shift to
The cost of energy from fuel cell is propulsion.
dependent on green hydrogen cost (𝐶𝐻 ).
Since this is still emerging fuel, we can If we compare the results in Table 4 and
consider three different prices – 500 US Table 5 there are some interesting
Cents per kg in near term, 300 in medium observations. In the near term with green
term and 200 in long term. If we take Eqn hydrogen cost of 500 US Cents per kg, with
3, taking green hydrogen cost (𝐶𝐻 ) as 500 auxiliary energy cost of 43 US Cents per
US Cents per kg, specific fuel consumption of kWh, Norway is extremely attractive for

6
shift from diesel (80 US Cents) and India is
just attractive (50 US Cents), however in US
– California it is mildly unattractive (42 US
Cents) and extremely unattractive in Saudi
Arabia (12 US Cents). However, in Norway
and India battery energy cost is far cheaper
and hence in solutions where it can be met
with just battery (low speed and range), H2
adoption will not be economic with such
high costs.
In medium term with green hydrogen cost
of 300 US Cents per kg and long term with
cost of 200 US Cents per kg, the three
countries Norway, India, and US –
California is attractive for H2 fuel cell shift.
However Saudi Arabia will continue to
remain unattractive for H2 fuel cell since
the cost of energy from battery and diesel
is much lower.
If we look at Table 5 and Table 6 we can
observe that at green hydrogen price of
500 US cents per kg, giving auxiliary energy
cost of 43 US cents per kWh, there are 66
countries where this is cheaper than the
auxiliary energy from diesel. When the
green hydrogen price drops to 300 US
cents per kg (CEE-FC = 26 US cents/kWh) the
Figure 2 - Energy type and sources
number of countries increase to 117 and
for a hydrogen price of 200 US cents (CEE-FC
= 17 US cents/kWh) the number of
countries is 126 out of 134. Hence green
hydrogen will become an attractive option
in most countries in long term.
Sources and needs in a vessel
Now let’s look at how the various energy
sources and energy needs are outlined in a
vessel. A traditional fuel powered boat has
propulsion engine driving propellers and
auxiliary engine driving an alternator to
generate electrical energy for all the other
energy needs.
When there is shift to solar electric power
then the propulsion engines are replaced
by motors. The energy source for these
motors could be battery (grid energy),
solar, wind or fuel cell for zero emission
mode either individually or in combination.
It could also be engines where engines
drive alternator to generator electricity
again as stand alone or in combination with
zero emission sources.
7
Similarly, when auxiliary energy needs in a
traditional boat is changed from engine
driving alternator to generate electricity to
other zero emission sources. These are
either grid energy stored in battery, solar,
wind or fuel cell. Each of the energy
sources is shown in Figure 2.
The energy from diesel fuel is converted to
mechanical energy in auxiliary engine
which is then converted to electrical
energy using alternator. This goes as
auxiliary energy. The solar energy and wind
energy is converted to electrical energy
using solar panels and wind turbines
respectively.
This electrical energy is used as auxiliary
energy. The auxiliary energy produced by
these sources either individually or in
combination can be directly used for
auxiliary energy needs or send to
propulsion motor for propulsion needs. In
the latter case, the motor delivers the
Figure 3 – Cost of Energy
power to the propeller (or other
propulsion device like water jets) to
generate the necessary thrust.
Another propulsion energy source is the
diesel which is burnt in propulsion engine
that directly delivers the mechanical
energy connected to the propeller (or
other propulsion device like water jets)
using shaft.
Cost of Energy in combination
When there are multiple sources of energy
from among the five sources, the cost of
auxiliary energy and propulsion energy can
be computed by taking weightage of the
amount and cost of each type. This process
is explained in Figure 3. For each scenario
where multiple energy sources are there,
then weightage of each (% contribution)
and cost of each energy source is used to
arrive at the output.
8
 Figure 4 - Solar electric, Electric and Diesel cost comparison
How solar significantly reduces OPEX
We have seen in Table 4 that cost of
propulsion energy from engine (CPE-E) is 40
US cents and that from battery (CPE-B) is 12
US cents. Let’s take the example of a slow
speed inland solar ferry ADITYA with 6
knots speed and contribution of 67%
energy from solar [1]. The contribution
from solar comes with zero cost, hence the
cost of propulsion energy is now reduced
to just 4 US cents (see Fig 4). Hence from a
diesel ferry the OPEX drop 3.3 times lower
while shifting to electric ferry whereas it
drops 10 times lower while shifting to solar
ferry.
Hence in applications where solar energy
can contribute significantly (slow speed
passenger transport), solar ferry has
lower costs than electric ferry and much
lower costs than diesel ferry.
Parallel hybrid versus Series hybrid
In many applications where the complete
shift to electric using battery, solar, wind
and fuel cell is not possible due to technical
or economic reason, a partial shift as
hybrid is economically possible. In such a
scenario there are two options emerge –
series hybrid and parallel hybrid [2]. In
series hybrid both battery and engine
generate electrical energy, and this is
connected to motor which generates
propulsion energy. In parallel hybrid the
engine directly delivers propulsion energy
whereas battery drives a motor that
generates propulsion energy to support
the engine.
When we plug the input costs, in this
example India numbers, we can see that
cost of propulsion energy (CPE) in series
hybrid configuration is 34 US cents
whereas in parallel configuration is 26 US
9
cents. In all cases parallel hybrid has lower
OPEX than series hybrid. This is true
because in a series hybrid the mechanical
energy from engine is converted to
electrical and then back to mechanical
instead of directly driving the propulsion
and hence the cost increase. The CAPEX is
also higher since motor size and therefor e
system complexity increases in series
hybrid compared to parallel configuration.

Figure 5 – Series hybrid configuration (50% propulsion energy from battery, India prices)

Figure 6 – Parallel hybrid configuration (50% propulsion energy from battery, India prices)

Bibliography

[1] S. Thandasherry, "Technological choices of a medium speed electric ferry,"

ResearchGate, 2023.
[2] S. Thandasherry, "CEO, Navalt," IEEE India Info, pp. 38-45, Jul-Sep 2018.
[3] in Solar Electric Boats, Emerging Technology News (ETN), 2021, pp. 52-54.

10
Appendix

Auxiliary Propulsion

from from from from Engine - from DG-

Battery Engine Battery Engine Battery motor

Cost of
Grid cost CEE-B CEE-DG CPE-B CPE-E CPE-DG
Diesel
Rank Country CG US US US US US Spread US
CFO
Cents/kWh Cents/kWh Cents/kWh Cents/kWh Cents/kWh Cents/kWh
US Cents/l

1 Hong Kong 290 17 21 116 23 94 71 129

2 Iceland 235 13 16 94 18 76 58 104
3 Estonia 170 2 2 68 2 55 53 75
4 Norway 201 12 15 80 17 65 48 89
5 Albania 202 13 16 81 18 65 47 90
6 UK 191 11 14 76 16 62 46 85
7 Hungary 169 7 9 68 10 55 45 75
8 Denmark 195 14 17 78 19 63 44 87
9 Germany 188 12 15 75 17 61 44 83
10 Serbia 184 12 15 73 17 60 43 82
11 Portugal 172 10 12 69 13 56 43 76
Czech
12 163 9 11 65 12 53 41 72
Republic
13 Ireland 190 15 19 76 21 61 40 84
14 Finland 209 21 26 83 29 68 39 93
15 Belgium 189 16 20 75 22 61 39 84
16 Switzerland 221 26 32 88 36 72 36 98
17 Kenya 132 5 6 53 7 43 36 59
18 Lesotho 118 2 2 47 2 38 36 52
19 Greece 183 18 22 73 24 59 35 81
20 Lithuania 166 14 17 66 19 54 35 74
21 Latvia 170 15 19 68 21 55 34 75
22 Italy 191 21 26 76 29 62 33 85
23 Belize 173 17 21 69 23 56 33 77
24 Spain 164 15 19 66 21 53 32 73
25 N. Macedonia 132 8 10 53 11 43 32 59
27 Uruguay 147 12 15 59 17 48 31 65
Bosnia &
26 146 11 14 58 16 47 31 65
Herz.
28 Zambia 116 5 6 46 7 38 31 51
29 Cyprus 162 16 20 65 22 52 30 72
30 Bulgaria 148 13 16 59 18 48 30 66
31 Mozambique 143 11 14 57 16 46 30 63
32 Rwanda 130 9 11 52 12 42 30 58
33 Swaziland 126 8 10 50 11 41 30 56
34 Malawi 162 17 21 65 23 52 29 72
Cayman
35 154 15 19 62 21 50 29 68
Islands
36 South Africa 126 9 11 50 12 41 29 56
37 Bhutan 96 2 2 38 2 31 29 43
38 Mexico 142 13 16 57 18 46 28 63
39 Uganda 137 11 14 55 16 44 28 61
40 Tanzania 128 10 12 51 13 41 28 57
41 India 125 9 11 50 12 40 28 55
43 Burma 119 8 10 48 11 39 28 53
42 Nepal 118 7 9 47 10 38 28 52

11
44 Nigeria 117 7 9 47 10 38 28 52
45 Luxembourg 164 19 23 66 26 53 27 73
46 Morocco 141 14 17 56 19 46 27 63
47 Chile 119 9 11 48 12 39 27 53
48 Sierra Leone 152 17 21 61 23 49 26 67
49 Cameroon 121 10 12 48 13 39 26 54
50 DR Congo 117 9 11 47 12 38 26 52
51 Slovenia 157 19 23 63 26 51 25 70
52 Mauritius 144 16 20 58 22 47 25 64
53 Ethiopia 141 15 19 56 21 46 25 63
54 Botswana 127 11 14 51 16 41 25 56
55 India 112 8 10 45 11 36 25 50
56 Jordan 102 6 7 41 8 33 25 45
57 Paraguay 99 5 6 40 7 32 25 44
58 Netherlands 189 27 33 75 37 61 24 84
59 South Korea 114 10 12 46 13 37 24 51
60 Japan 110 9 11 44 12 36 24 49
61 Syria 78 2 2 31 2 25 23 35
62 Liechtenstein 218 36 44 87 49 71 22 97
63 Togo 143 18 22 57 24 46 22 63
64 Uzbekistan 90 5 6 36 7 29 22 40
65 Malta 134 16 20 54 22 43 21 59
66 Costa Rica 133 16 20 53 22 43 21 59
67 Brazil 121 14 17 48 19 39 20 54
68 Singapore 189 31 38 75 42 61 19 84
69 Romania 155 23 28 62 31 50 19 69
70 Bangladesh 99 10 12 40 13 32 19 44
71 Sri Lanka 110 13 16 44 18 36 18 49
72 Argentina 89 8 10 36 11 29 18 39
73 Turkey 126 18 22 50 24 41 17 56
74 Vietnam 81 8 10 32 11 26 15 36
75 Sudan 66 4 5 26 6 21 15 29
76 Philippines 110 16 20 44 22 36 14 49
77 Pakistan 99 13 16 40 18 32 14 44
78 Gabon 97 12 15 39 17 31 14 43
Trinidad &
79 65 5 6 26 7 21 14 29
Tobago
80 Canada 127 20 25 51 28 41 13 56
81 Peru 110 17 21 44 23 36 13 49
82 Barbados 165 30 37 66 41 53 12 73
83 USA 103 15 19 41 21 33 12 46
84 Maldives 95 14 17 38 19 31 12 42
85 Qatar 56 4 5 22 6 18 12 25
86 UAE - Dubai 82 11 14 33 16 27 11 36
87 China 102 17 21 41 23 33 10 45
88 Taiwan 91 14 17 36 19 29 10 40
89 UAE 82 12 15 33 17 27 10 36
90 Russia 72 10 12 29 13 23 10 32
91 Australia 123 23 28 49 31 40 9 55
92 Moldova 121 22 27 48 30 39 9 54
93 Burkina Faso 114 20 25 46 28 37 9 51
94 Thailand 87 14 17 35 19 28 9 39
95 Ecuador 46 4 5 18 6 15 9 20
96 Austria 176 36 44 70 49 57 8 78
97 Cambodia 100 18 22 40 24 32 8 44
98 El Salvador 98 18 22 39 24 32 8 43

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 Dom.
99 101 19 23 40 26 33 7 45
Republic
100 Tunisia 72 11 14 29 16 23 7 32
101 Ghana 108 21 26 43 29 35 6 48
102 Kuwait 37 4 5 15 6 12 6 16
103 Nicaragua 118 24 30 47 33 38 5 52
104 Madagascar 106 21 26 42 29 34 5 47
105 Belarus 71 13 16 28 18 23 5 32
107 Bahrain 48 8 10 19 11 16 5 21
106 Azerbaijan 47 7 9 19 10 15 5 21
108 Honduras 93 19 23 37 26 30 4 41
109 Jamaica 131 28 35 52 39 42 3 58
110 Algeria 22 3 4 9 4 7 3 10
111 Angola 16 2 2 6 2 5 3 7
112 Panama 87 19 23 35 26 28 2 39
113 Georgia 128 29 36 51 40 41 1 57
114 Ivory Coast 120 28 35 48 39 39 0 53
115 Saudi Arabia 31 7 9 12 10 10 0 14
116 Libya 3 1 1 1 1 1 0 1
117 Guatemala 103 25 31 41 34 33 -1 46
118 Slovakia 167 41 51 67 57 54 -3 74
119 Lebanon 75 20 25 30 28 24 -4 33
120 Kazakhstan 63 18 22 25 24 20 -4 28
121 Bahamas 147 40 49 59 54 48 -6 65
122 Aruba 126 34 42 50 47 41 -6 56
123 Malaysia 47 15 19 19 21 15 -6 21
124 Iran 0.6 4 5 0 6 0 -6 0
125 Oman 67 22 27 27 30 22 -8 30
126 Cuba 105 32 40 42 44 34 -10 47
127 Colombia 62 22 27 25 30 20 -10 28
128 Ukraine 141 41 51 56 57 46 -11 63
129 Cape Verde 123 38 47 49 52 40 -12 55
130 Venezuela 0.4 10 12 0 13 0 -13 0
131 US - California 104 35 43 42 48 34 -14 46
132 Israel 196 58 72 78 80 63 -17 87
133 Egypt 27 20 25 11 28 9 -19 12
134 Poland 128 50 62 51 69 41 -28 57
Table 6 – Energy cost across countries

Source: https://www.globalpetrolprices.com/diesel_prices/, Jan 2024

https://www.globalpetrolprices.com/electricity_prices/ Jan, 2024

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