AIRINC Gasoline Price Tracking Report: Q1 2019
Global gasoline prices fell this quarter compared with our data from six months ago. Oil prices hit a recent high in early October but have fallen sharply since. US crude, for example, had its weakest month in a decade as the price plummeted 22% in November.
The global declines are due to a number of factors, mostly related to supply and demand. A strong US dollar and slowing economic growth have played a role in reducing demand. High output from Saudi Arabia and US sanction exemptions on Iranian oil bolstered supply.
OPEC has reduced output since November, which has played a role in the recent price increase. However, global prices are still much lower than the highs seen in October.
Highlights from our latest gasoline price report:
- Zimbabwe raised gasoline prices 150% overnight.
- The United States gasoline prices have recovered, but still showed an almost 9% decline.
- Turkey lowered the fuel consumption tax due to a weakening lira and increased crude prices. This resulted in the largest USD decrease in our study.
See the full infographic now by clicking below:
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