Product
Gasoline Price Trend and Forecast
Gasoline Price Trend and Forecast
Regional Price Overview
Get the latest insights on price movement and trend analysis of Gasoline in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).
For the Second Quarter of 2022
Asia
Global uncertainty due to the economic backlash caused by the Russia-Ukraine war led to an explosive rise in worldwide gasoline prices. The renewed production in China, post the upliftment of pandemic restrictions, has further caused the prices to inflate. In June 2022, the price in China registered a 27.2% Y-O-Y increase.
Lately, China has decided to hike the market price of gasoline in line with the renewed production. They averaged 8.83-9.90 RMB/Litre in the Chinese domestic market.
To stabilize the domestic market amid rising fuel prices, the Indian Finance Minister on May 2022 announced an 8-rupee reduction in the central tax levied by the central government. Thus, the petrol prices remained stable towards the end of the said quarter. The price of petrol went from 1.25 USD/Litre in May 2022 to 1.23 USD/Litre in June 2022 in the Indian domestic market.
Europe
The European decision to cut the Russian oil imports by 90% by the end of the current year and the effect of this embargo on Russian production caused fuel prices to flare up. However, towards the end of this quarter, a slight relief was seen in prices due to the arrival of substitute gasoline imports from Africa and South America.
Also, with the arrival of Russian flows via Turkey, the price of gasoline fell further. The prices in Germany decreased to 1.99 USD/Litre in June 2022 from 2.36 USD/Litre in May 2022.
North America
Due to the high energy demands from the domestic market, the US refineries are running at the highest capacities recording a 5-year high. The upstream industries struggling to meet the needs caused the prices to inflate in the market. The prices went from 1.08 USD/Litre in April 2022 to 1.30 USD/Litre in June 2022.
For the First Quarter of 2022
Asia
The fuel price in India had increased for the sixth time during the last week of March, with the national capital selling petrol at 99.41 INR/L after a 30 paise increase, and diesel at 90.77 INR/L, after a 35 paise increase. Rates had been raised across the country and they vary by state, depending on the extent of local taxation.
Europe
In recent weeks, Germany has been stunned by increasing gasoline prices, with motorists paying 2.13 EUR/L of gasoline (8.92 USD/USG) at the pump. The situation is even worse for diesel, which, despite government subsidies, is now more expensive than gasoline at 2.25 EUR/L (9.43 USD/USG). Record-high gasoline prices in Germany are a consequence of Russia's invasion of Ukraine.
North America
Gas prices have been changing, but they are expected to continue to rise in random increments. The price dropped from a high of 4.33 USD/gal of unleaded on March 11 to a low of 4.33 USD/gal by the final week of the month. Fuel prices fell as the price of oil fell, but crude prices have already risen, and it is anticipated predict that gasoline costs will rise as well. According to AAA, the national average for unleaded gasoline was 4.23 USD/gal on Thursday, March 24th, down 5 cents from a week ago and 10 cents below the previous all-time high. With the increase in the price of oil in the third week of March and the growing price of gasoline in the futures market, gasoline prices are predicted to increase as well.
For the Fourth Quarter of 2021
Asia
In October, petrol price in India had risen to 109 INR/L which increased slightly in November to 110 INR/L but dropped in December to 95 INR/L after the government reduced the value-added tax on petrol from 30% to 19%.
Europe
Europe witnessed soaring energy prices even in the final quarter of 2021. Gas prices in Europe observed record highs in October as a continuation of the ongoing energy crisis in the region as winter approached.
North America
The average retail gasoline prices in the US increased to 3.4 USD/gal in November 2021, rising by almost 61% in 12 months from 2.11 USD/gal in the previous year. The price increased due to the oncoming festive season of Thanksgiving which increased the consumption of the fuel.
Latin America
In Brazil, the fuel prices witnessed yet another increase in the final quarter of 2021 as announced by the state-controlled oil company Petrobras. Gasoline prices increased by 7.04% jumping from 2.98 BRL/L to 3.19 BRL/L. The price increased in the country as a result of high international costs as the Brazilian Real weakened against the dollar.
For First, Second and Third Quarters of 2021
Asia
In the first quarter in India, the petrol price rose to 91 INR/L, rising even further to 98 INR/L in the second quarter as oil companies hiked their prices 15 times during June 2021. The price had finally increased to 101.55 INR/L in August 2021 as oil companies continued to gradually increase their prices.
Europe
In September 2021, petrol price in Netherlands climbed to a record high 9.91 USD/gal as a result of rise in crude oil prices as well as high taxes on the fuel.
North America
As more and more people got vaccinated in the US, the mobility increased which raised the demand for gasoline in the region. The gasoline inventories were low, while at the same time the price crude oil jumped. All these factors increased the fuel prices in US to above 3 USD/gal in the beginning of May 2021 rising from 2.85 USD/gal in March 2021. By the end of July 2021, the price in US was as high as 3.166 USD/gal.
Latin America
In Brazil, Petrobras announced a rise in gasoline prices in July 2021. The price was estimated to increase by 16 centavos per litre as the global prices for petrol and petroleum increased. The inflation in Brazil had increased by 8% as a result of high gasoline prices.
For the Year 2020
Asia
In March, the petrol price had declined to 69.63 INR/L due to a weak demand as a result of lockdowns imposed by the government to curb the rising number of coronavirus cases. In June 2020, the price increased in India to 80.47 INR/L as Oil Marketing companies started to revise their rates. In the later months, the price rose to 81.06 INR/L and remained steady for the rest of the year.
Europe
In Europe, the oil prices plummeted as the global demand dropped due to the outbreak of the coronavirus pandemic. They witnessed a downward trend dropping by 20 USD/barrel. Gasoline prices in the European Union consequently dropped by 15 cents/L.
North America
In the beginning of the year, the demand for petrol and petroleum products plummeted in North America with the rise in the cases of the coronavirus pandemic which caused the governments to impose restrictions on transportation affecting the gasoline market in the region. The crude oil prices dropped and so did the gasoline prices.
In March and April, the price of crude oil dropped by 34% and 48.8% respectively as a consequence of low demand amid high supplies. Gasoline prices had dropped significantly in the United States to around 0.8535 USD/gal in March 2020. By May 2020, the petroleum market showed signs of recovery as businesses reopened partially. The price of crude petroleum increased by 35.9% and 74% in May and June respectively.
Latin America
In March 2020, the state-controlled oil company in Brazil, Petrobras, cut down the gasoline price by almost 10% as oil prices collapsed in the region. Price of gasoline was down by 0.16 BRL/L. Petrobras has a near monopoly in refining in Brazil and a reduction in gasoline prices made the market competitive against ethanol which was previously observing high demand in the fuel market due to its comparatively lower prices. However, the price drop increased the gasoline demand in the country by around 7.5%.
Procurement Resource provides latest prices of Gasoline. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.
About
Gasoline, a mixture of flammable liquid hydrocarbons, is a derivative product of crude oil/petroleum that is widely used as a fuel in internal combustion engines. It has become one of the most popular automobile fuels owing to its high energy of combustion and capacity to mix readily with air in a carburetor.
It can have many different compositions to meet a host of engine performance specifications. It is produced as a by-product during the manufacture of kerosene in the petroleum industry.
Product Details
| Report Features | Details |
| Product Name | Gasoline |
| Industrial Uses | Solvent for oils and fats, Aviation gasoline, Automobile gasoline |
| Synonyms | Gas or petrol |
| Supplier Database | Gazprom PAO, Royal Dutch Shell Plc, Exxon Mobil Corporation, PetroChina Company Limited, BP Plc |
| Region/Countries Covered | Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece North America: United States and Canada Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru Africa: South Africa, Nigeria, Egypt, Algeria, Morocco |
| Currency | US$ (Data can also be provided in local currency) |
| Supplier Database Availability | Yes |
| Customization Scope | The report can be customized as per the requirements of the customer |
| Post-Sale Analyst Support | 360-degree analyst support after report delivery |
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Production Processes
- Production of Gasoline via Fractional Distillation of Petroleum
The manufacturing of Gasoline begins with the processing of crude oil or petroleum in an oil refinery.Gasoline is obtained after the fractional distillation of petroleum, where the process is enhanced with a variety of additives.
Methodology
The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
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