Gasoline price February 2024 and outlook (see chart below)
- North America:US$0.93/ID, unchanged
- Europe:US$1.92/ID, unchanged
- Africa:US$1.11/ID, -0.9% down
- Northeast Asia:US$1.06/ID, -0.9% down
- Southeast Asia:US$0.92/ID, -1.1% down
- South America:US$1.06/ID, 1.9% up
- Middle East:US$0.61/ID, unchanged
- India:US$1.28/ID, -0.8% down
- Australia:US$1.24/ID, -2.4% down
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Gasoline price index by region
This post is a summary of the Gasoline price index developments since 2018. The price developments are expressed as a price index in US$ 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:
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.
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.
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.
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.
- Wikipedia for general, history, production and usage information
- PubChem for chemistry and property 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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