Weekly global fuel price review (December 11, 2018)

During the past week, the decline in crude oil prices came to a holt due to the OPEC-led output cuts. However, the global downward trend in retail fuel prices continued and the world average prices of gasoline and diesel went down to levels of 1.05 USD and 1.01 USD per liter respectively.

The European average gasoline price was 1.45 USD per liter marking a 0.9% weekly decrease. Gasoline prices also went down by 1.1% in Asia, by 0.3% in South America, and by 1.3% in the USA. In Australia and Canada, gasoline prices increased by 4.3% and 0.3% respectively. The regional average gasoline price for Africa remained unchanged compared to the previous week.

Looking at individual countries, the gasoline price changes varied from -7.6% (Vietnam) to 4.3% (Australia). There was a decrease in 48 of the 111 reviewed countries, no change in 54 countries, and an increase in only 9 countries. Gasoline became over 1% more expensive in Sweden, Tanzania, Denmark, and Australia Gasoline went down by more than 3% in Cambodia, Vietnam, the Philippines, Nicaragua, Lebanon, Slovakia, Montenegro, and Austria. The largest weekly fuel price change was observed in Vietnam where the local Ministry of Industry and Trade announced a significant price reduction for the first half of December.

Weighted average of gasoline and diesel prices in 100 countries that consume over 90 percent of the world oil products. The weights are the countries' share of the global petroleum products consumption.