Renewed fighting between US and Iran has slowed shipping through the Gulf of Hormuz, disrupting supply routes. Benchmark crude prices have climbed sharply from pre-conflict levels, reflecting heightened geopolitical risk. The upward price pressure is likely to continue while tensions persist.
Gasoline Price Trend Analysis 2026: Historical Prices, Latest News, Price Drivers, Market Insights & Supply Demand Analysis
Written ByPragati Agarwal
Gasoline Price Trend Q2 2026
| Product | Region | Incoterm Basis | Price | Last Updated Month |
|---|---|---|---|---|
| Gasoline | USA | FOB | USD 1.13/Liter | May 2026 |
| Gasoline | Saudi Arabia | FOB | USD 0.62/Liter | May 2026 |
| Gasoline | Russia | FOB | USD 0.95/Liter | May 2026 |
| Gasoline | China | FOB | USD 1.26/Liter | May 2026 |
| Gasoline | India | FOB | USD 1.15/Litre | May 2026 |
| Gasoline | USA | FOB | USD 1.16/Liter | April 2026 |
| Gasoline | Saudi Arabia | FOB | USD 0.62/Liter | April 2026 |
| Gasoline | Russia | FOB | USD 0.96/Liter | April 2026 |
| Gasoline | China | FOB | USD 1.37/Liter | April 2026 |
| Gasoline | India | FOB | USD 1.09/Litre | April 2026 |
Stay updated with the latest Gasoline prices, historical data, and tailored regional analysis
- Gasoline prices in Q2’26 moved unevenly as supply disruption, refinery cuts, tight blending components, and inventory drawdowns lifted some markets, while weak buying softened others.
- Feedstock pressure came from lower crude availability and reduced refinery throughput, with tight VGO and high-octane blending components adding cost pressure for gasoline production.
- Downstream demand was supported by summer driving, private vehicle use, and active fuel consumption, but cautious buying and new energy vehicle penetration capped stronger gains in some markets.
Asia
In Saudi Arabia, monthly average gasoline prices were ~SAR 2.32/liter in the first two months of Q2’26. In India, monthly average Gasoline prices were ~INR 103.44/liter in April and ~INR 109.25/liter in May, showing a ~5.6% increase. Asia strengthened early in the quarter as export supply tightened after Middle East-related disruption. Regional gasoline exports fell to 1.59 mb/d in April from 2.28 mb/d before the conflict period, reducing spot availability. India saw stronger support from steady road fuel consumption, with motor spirit demand staying active through April-June. Saudi prices remained stable, helped by domestic price control and balanced local supply, but the wider Asian market still carried a supply-risk premium.
Europe
In Russia, gasoline prices were ~RUB 71.97/liter in April and ~RUB 67.59/liter in the following month, showing a ~6.1% decrease. The fall reflected softer domestic market conditions and easing crude-risk premiums after the initial supply shock. Wider European gasoline fundamentals, however, were tighter. European gasoline and blending component shipments averaged 1.63 mb/d in May, lower than the previous year, as exports to the U.S. declined and local demand improved ahead of the driving season. Supply was also affected by refinery closures, lower product availability, and refiners giving more focus to middle distillate output. Still, weaker petrol car registrations limited the depth of demand growth.
North America
In the United States, gasoline prices were ~USD 1.16/liter in April and ~USD 1.13/liter in the subsequent month, showing a marginal decrease. Prices eased despite tight inventories, as higher refinery runs improved supply late in the quarter. Refinery utilization rose from 94.5% in late May to 96.6% in late June, helping maintain finished gasoline output. Demand was supported by summer driving, but gasoline supplied moved slightly lower by late June, preventing stronger price gains. Imports into the Atlantic Coast increased as buyers tried to cover low regional stocks, but improved refinery activity kept the market from rising further.
Analyst Insight
According to Procurement Resource, near term outlook for gasoline points to continued sensitivity to crude volatility and refinery operating rates, with supply risks and export-driven tightness likely to keep prices responsive to any further disruptions in global flows.
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Intensified US-Iran military actions disrupt oil shipments through the Strait of Hormuz, causing a sharp spike in crude oil prices. The price jump leads to severe depreciation of the Indian rupee, raising import costs and inflationary concerns.
The IEA expects world oil demand to decline year-on-year for the first time since 2020, driven by the Iran war and Strait of Hormuz closure. Prices have eased on prospects of a surplus late in 2026, but renewed hostilities threaten supplies and introduce volatility.
U.S. and Iran reach agreement to reopen the Strait of Hormuz, ending the biggest oil supply shock in history. Crude oil futures dropped nearly 5% on the news, with U.S. crude settling at $80.75 and Brent at $83.17. Uncertainty over the timing and demining efforts may temper further price declines.
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- Gasoline prices surged sharply as the Iran war triggered major oil market volatility. Supply disruptions, shipping delays, and higher insurance costs amplified the spike in Brent and WTI (West Texas Intermediate) crude.
- Refining feedstocks tightened due to the Strait of Hormuz closure, OPEC+ output cuts, and Gulf storage bottlenecks, creating acute supply shortages and higher landed crude costs.
- Downstream demand remained firm but restrained; Asian refiners struggled with limited feedstock, European buyers faced risky imports, and North American markets leaned on stockpiles and domestic output to stabilize supply.
Asia
In China, gasoline prices moved up from about 1.02 RMB/kg (Spot FD) in January and around 1.23 RMB/kg in March. The prices surged particularly in the last month of the quarter, reflecting a 16.5% increase from February to March. Limited Middle Eastern crude exports through the Strait of Hormuz, combined with refinery processing cuts, fueled the spike. India, heavily reliant on Gulf LPG and crude, faced similar pressure as regional supply shortages forced petrochemical plants to cut output. Both countries partially offset the supply gap through alternative imports from Kazakhstan and Russia, but tight domestic refining capacity and sustained industrial demand continue to support elevated prices.
Europe
European gasoline prices are under upward pressure as emergency releases from OECD stockpiles temporarily eased supply gaps. Imports from the Middle East declined sharply, though non-OPEC+ producers partially offset losses. Strong seasonal demand for transportation fuels and limited refinery maintenance windows in Germany, Italy, and France reinforced price support. European refiners are navigating constrained feedstock availability while meeting high demand, keeping spot prices elevated.
North America
In the U.S. and Canada, gasoline prices have risen moderately, driven mainly by crude cost inflation and regional refinery utilization. Emergency crude releases from OECD inventories helped prevent sharper price spikes. Strong domestic consumption, especially in the Northeast and Midwest, coupled with limited alternative imports, has maintained upward momentum. Canadian pipeline and storage constraints have also restricted the ability to fully balance supply, sustaining prices.
About Gasoline
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.
Gasoline Product Detail
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
Regional Coverage
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
CurrencyUS$ (Data can also be provided in local currency)
Supplier Database AvailabilityYes
Customization ScopeThe report can be customized as per the requirements of the customer
Post-Sale Analyst Support360-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.
Gasoline 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.
About the Author
Pragati Agarwal
Senior Business Insights Analyst
Delivering price trend analysis and procurement market insights at Procurement Resource, with expertise in identifying commodity patterns, supporting purchasing strategies, and improving cost efficiency through actionable market intelligence.
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