Gasoline price index

by | Prices Indexes

Gasoline price October 2024 and outlook (see chart below)

  • North America:US$0.97/KG, unchanged
  • Europe:US$1.83/KG, unchanged
  • Africa:US$1.19/KG, -0.8% down
  • Northeast Asia:US$1.11/KG, -2.6% down
  • Southeast Asia:US$0.96/KG, unchanged
  • South America:US$1.24/KG, unchanged
  • Middle East:US$0.57/KG, -1.7% down
  • India:US$1.21/KG, unchanged
  • Australia:US$1.11/KG, 0.9% up
The chart below summarizes Gasoline price trend per region, as well as the outlook. It takes a moment to load.
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Gasoline price index by region

This post is a summary of the Gasoline price index developments since 2018. The price developments are expressed as a price index in US$ prices converted at current FX rates, which are the FX rates applicable at the time the price was valid. Gasoline price index developments are calculated from multiple separate sources of data to ensure statistical accuracy.

Further information on the Gasoline price index

 

What is gasoline

Gasoline is a liquid fuel that is used in internal combustion engines to power vehicles such as cars, trucks, and motorcycles. It is made up of a mixture of hydrocarbons and is derived from crude oil through a refining process. Gasoline is highly flammable and can be explosive when it is stored or transported improperly. It is a common fuel for transportation, but it also has a variety of industrial and household uses. In addition to its use as a fuel, gasoline is also used as a solvent and a cleaning agent.

 

How is gasoline produced

Gasoline is produced from crude oil, which is a mixture of hydrocarbons that is found in deposits beneath the earth’s surface. The process of producing gasoline from crude oil involves several steps, including:

Refining

Crude oil is first refined to separate the various hydrocarbons it contains. This is typically done through a process called distillation, in which the crude oil is heated to a high temperature and the different hydrocarbons are separated based on their boiling points.

Blending

After the various hydrocarbons have been separated, they are then blended together to create the desired grade of gasoline. Different grades of gasoline are formulated to meet specific performance requirements, such as octane rating or emissions standards.

Additives

To improve the performance and stability of gasoline, various additives may be added. These additives can include detergents to clean fuel injectors, anti-knock agents to improve the fuel’s octane rating, and stabilizers to prevent the gasoline from breaking down over time.

Distribution

Once the gasoline has been produced, it is then transported to storage facilities and distribution centers, from which it is delivered to gas stations and other retail outlets for sale to consumers.

Overall, the process of producing gasoline is complex and involves a variety of specialized chemical and mechanical processes.

 

Further information

 

Gasoline market size

The global gasoline market is a significant and important part of the global energy industry. It is estimated that the demand for gasoline is approximately 90 million barrels per day, with the United States being the largest consumer of gasoline in the world. Other major consumers of gasoline include China, India, and the countries of the European Union.

The global gasoline market is influenced by a variety of factors, including economic growth, population growth, urbanization, and the development of transportation infrastructure. In addition, the price of gasoline is affected by the cost of crude oil, which is the primary feedstock for gasoline production, as well as taxes, transportation costs, and other factors.

Overall, the global gasoline market is a complex and dynamic industry that plays a vital role in the global economy and energy system.

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Where does the data come from?

  • The source of the data are exclusively public non-confidential sources. We have no access to primary data
  • This the index trend of the price trend of the "product category" in general, and not a single specification of the product in particular
  • The data is a combination of contract and spot pricing
  • Our algorithms are set up to eliminate significant product mix impact on the reported price
  • We combine public publications, import/export records, trading prices, company announcements, magazine articles, tweets, and other sources of ad-hoc public information.
  • The chart shows the our best approximation of the market trend based on our algorithm interpretation of the signals
  • For most indexes we have multiple sources and we focus on using statistically-correlated sources
  • As a function of our automation, it is likely that recent trends will be adjusted as we discover more information. So, for example, the price trend for February 2024 will be first calculated in February 2024 and adjusted in March, April and May 2024.
  • We will update the data trend as more information becomes available, and this means that recent trends will always be adjusted as we get more data available
  • The algorithm will regularly revise our understanding of market trends, and indicated market trends may change
  • The data is presented in US$. The UOM of measure is shown in the Index list table
  • Our automated software and we do our best to create an accurate representation of the trend

 

Where does the data NOT come from?

  • We do not purchase data from any other source and republish it.
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  • We do not extrapolate trends, even for the forecast. We look for other market signals and leading indicators

 

What data should our company use?

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  • Our data, at best, represents an estimate of the market trend based on public information
  • We have no direct access to the market, and we do not interview suppliers and customers
  • Our automated analysis tools in the online software are set up to combine our data with other sources of data
  • We do not recommend that you use our data for direct price mechanisms, as we may change and improve the data trends over time, including historical data

 

What does the quality indication in the main menu mean?

  • Quality level A: Data is from a reliable and confirmed source
  • Quality level B: Data is from multiple credible sources and there are no major statistical inconsistencies between them
  • Quality level C: Data is from multiple credible sources and there are some statistical inconsistencies between them
  • Quality level D: Data is from a single credible source, but we cannot verify the data
  • Quality level E: Data is either:
    • From a single source, which we consider reliable, but we cannot verify the data.
    • From 2 or more sources which have some periods of contradicting trends.
  • Quality level F: Data is from a single source which we consider indicatively correct, but the data is anecdotal and we cannot verify the data.

 

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  • The information is provided on an “as is” basis with no guarantee of completeness, accuracy, usefulness, fitness for purpose or timeliness.
  • By their nature, outlooks are always uncertain

 

How often do we update the data?

  • We aim to update the data series on the 9th and 24th of each month (but we do not always make it for each chart)
  • The data for the current month and recent history are fine-tuned over time.

 

What are we doing to improve the data?

  • We are continually improving our data collection and processing methods
  • Pricing data will be updated from time to time as we improve the accuracy
  • We are reviewing all data sources in the first half of 2024.
    • There will be continuous fine-tuning of the trend and forecast algorithm as part of that.
    • The key focus in 2024 is to add many additional indexes

 

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