We all know petrol/gas prices are rising after a drastic fall, but how high can they go?
After plummeting in Q2 of 2020 during the early stages of the pandemic, petrol prices around the world began to rebound by late 2020 and have skyrocketed further since then. There are a number of factors at play here, including radically increased demand as quarantine and lockdown restrictions ease and low supply due to wary oil producers afraid of another surplus and slow to reinstitute full-scale production. There is also the parallel global energy crisis around soaring natural gas prices, which may lead some nations to turn to crude oil for their electricity needs, further straining demand. OPEC is currently resisting calls to increase production and alleviate the rising prices.
Using the AIRINC Global Petrol Price Tracker we looked at how petrol pump prices in the Americas, Middle East, Africa, and Asia Pacific have been impacted. We collected pump prices for 119 countries and territories in these regions and found that more than 90% showed either an increase or no change from Q2 to Q4 of 2021.
2021: Q4 Petrol Prices $/LITER
Least and Most Expensive Petrol Pump Prices surveyed throughout the Americas, the Middle East, Africa, and Asia Pacific