As of 2012[update], the cost of crude oil accounted for 62% of the cost of a gallon of gasoline in the United States while refining accounted for just 12%. As of 31 December 2012[update], the average price of gasoline was $3.298/US gal ($0.87/L), with New York at $3.70/US gal ($0.98/L) for the highest in the US, and Colorado at $2.987/US gal ($0.79/L) for the lowest. Gasoline Prices in Philippines decreased to 0.89 USD/Liter in October from 0.97 USD/Liter in September of 2020. However, by this logic we should also consider the fact fuel taxes can account for less than half of government road and highway spending. Stocks are approximately 2 million bbl lower than at this time last year, which could cause prices to spike if there is a supply challenge in the region this week. [8] Figures for prior quarters use data reported at the time of publication and do not reflect any subsequent revisions. State gas price averages in the region range from $2.40 in South Dakota to $2.00 in Missouri. The price of transporting crude oil to a refinery then gasoline to a point of distribution is passed on to the consumer. The gas price prior to reform was $0.10 US per liter with the quota of 100 liters per month per passenger car. Lithuania adopted the euro on January 1, 2015. All countries’ income figures for 2020 are from 2019, as the IMF has not issued 2020 forecasts due to uncertain economic data resulting from Covid-19. According to the U.S. Bureau of Labor Statistics, prices for gasoline (all types) were After a large increase until the summer of 2008, the end of 2008 experienced a strong decline linked with a sharp economic downturn, with the average price of fuel in the US at $1.613 per US gallon ($0.426/l) (29 December 2008). Who is in the Oil Futures Market and How Has It Changed? Increased crude prices will likely lead to higher gas prices, given that approximately 50 percent of the cost motorists pay at the pump is based on the cost of crude used to make gasoline. [10] On the supply side, OPEC (or the Organization of the Petroleum Exporting Countries) has a great deal to do with the price of gasoline, both in the United States and around the world. [citation needed] Although such subsidies exist, the sale of fuel is also taxed at rates that far exceed the sales tax rates for other goods, to help pay for bridge and road repair. In fact, motorists in Missouri can find gas for $2/gal or less at 70 percent of gas stations in the state. The usage and pricing of gasoline (or petrol) results from factors such as crude oil prices, processing and distribution costs, local demand, the strength of local currencies, local taxation, and the availability of local sources of gasoline (supply). The cut will be in place for six months and will use October 2018 as a baseline, a time when OPEC and Russia had less crude output than in November. The major aim of the policy was to slow down the increasing trend of energy consumption in Iran by removing the energy subsidies. The average retail price for regular, unleaded gasoline at self-service stations in Canada was 101 Canadian cents per liter in June 2020. Prices for Gas, 1984-2020 ($20) According to the U.S. Bureau of Labor Statistics, prices for … [32][33] On 5 June 2008 gasoline prices increased by 40% to MYR2.70/litre (US$3.30 a gallon), from MYR1.92/litre (US$2.32 a gallon). How low can gas prices go? €0.981/Kg (CNG-Methane) U.S. consumption of gasoline follows a seasonal pattern, where every year it is more expensive during the summer months when more people are driving. Gasoline Prices in Canada decreased to 0.78 USD/Liter in October from 0.79 USD/Liter in September of 2020. Gasoline stocks in the Great Lakes and Central region built by a surprising 2.6 million bbl on the week, according to Energy Information Administration (EIA). On 1 April 2011, RON97 increased from MYR2.50 to MYR2.70. Quick Analysis with our professional Research Service: Content Marketing & Information Design for your projects: Figures have been rounded. StatCan. Aside from this breakdown, many other factors affect gasoline prices. Direct access to our calendar releases and historical data. 1992-2020 Data | 2021-2022 Forecast | Historical | Chart. €0.485/L (LPG-autogas) [19] In May 2016 the Buhari administration increased fuel prices again to NGN 145 per litre ($0.43 at black market rates for the currency). The new pumps will target Singaporeans and Thais who make day trips across the border to fill their tanks with cheaper fuel there, although Singapore-registered cars must have their tanks at least three-quarters full before they will be permitted to leave Singapore in any case. Extreme weather, war or natural disaster in areas where oil is produced can also in turn raise the price of a gallon of gasoline. [13] Russia and some neighboring countries have a much smaller tax, with fuel prices similar to the US. Statistics Canada collects prices for food, household supply and personal care items from food supermarkets and drugstores, prices for cigarettes from supermarkets, department stores, drug stores and tobacco shops, and prices for regular, unleaded gasoline from gas stations. On the week, Colorado (-9 cents) has the largest decrease in pump prices in the country. US Gas Price table by year, historic, and current data. This price was used for all prior quarters. Please do not hesitate to contact me. Declining inventories contributed to the increase in crude prices this week, and if the trend continues, prices could climb further. With oil reaching over US$145 a barrel, Indonesia further increased prices on 24 May 2008 to Rp 6,000 (approx.

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