Weekly global fuel price review, March 30, 2020

During the past week, global recession fears caused a further decline in international crude oil prices and WTI and Brent went below 30 USD per barrel. Reflecting the crude oil prices drop, retail fuel markets across the world continued reducing petroleum product prices at the pump. As a result, the world average retail prices of gasoline experienced a significant decline falling below 1 USD per liter.

The European average gasoline price was 1.37 USD per liter marking a 3.7% decrease compared with the previous week. Gasoline prices also went down by 1.7% in Australia and Asia, by 3.9% in the USA, by 12.3% in Canada, and by 1.9% in South America. Due to the large number of retail fuel markets with regulated prices, the regional average gasoline price of Africa remained stable compared to the previous week.

Looking at individual countries, the gasoline price changes varied from -15.4% (Turkey) to 5.0% (Belize). There was a decrease in 73 of the 163 reviewed countries, no change in 87 countries, and an increase in only 3 countries: Latvia, Russia, and Belize. Gasoline prices went down by more than 12% in Turkey, Taiwan, Colombia, Canada, Macedonia, and Vietnam. The largest weekly petrol price change was observed in Turkey where after a series of price reductions, the total weekly decline exceeded 15%.


World average gasoline and diesel prices

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.


Percent change in fuel prices


Countries
Gasoline
one week
Gasoline
three months
Diesel
one week
Diesel
three months
LPG
one week
LPG
three months
Afghanistan -4.3% -12.0% -4.3% -8.3% 0.0% -16.7%
Albania 0.0% -4.5% 0.0% -4.0% 0.0% -1.6%
Algeria 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Andorra 0.0% -9.2% 0.0% -13.4%
Angola 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Argentina 0.0% -0.5% 0.0% 0.6%
Aruba 0.0% -3.2% 0.0% -8.5%
Australia -2.7% -17.6% -2.3% -7.9% -0.1% 5.2%
Austria -0.2% -11.8% 0.3% -11.3%
Azerbaijan 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Bahamas 0.0% -3.3% 0.0% -5.1%
Bahrain 0.0% 0.0% 0.0% 0.0%
Bangladesh 0.0% 0.0% 0.0% 0.0%
Barbados 0.0% -3.6% 0.0% -6.3%
Belarus 0.0% 5.8% 0.0% 5.8% 0.0% 5.5%
Belgium -3.6% -24.0% 0.0% -17.8% -9.2% -33.9%
Belize 0.0% 1.7% -10.7% -18.0%
Benin 0.0% -5.6% 0.0% -7.1%
Bhutan 0.0% 0.0% 0.0% 0.0%
Bolivia 0.0% 0.0% 0.0% 0.0%
Bosnia and Herzegovina 0.0% -8.9% 0.0% -10.6% 0.0% -0.9%
Botswana 0.0% 0.0% 0.0% 0.0%
Brazil -1.9% -3.4% -2.6% -6.7%
Bulgaria -4.4% -8.4% -4.6% -9.2% -2.6% 0.3%
Burkina Faso 0.0% 0.0% 0.0% 0.0%
Burma (Myanmar) -3.1% -35.6% -3.4% -39.9%
Burundi 0.0% 0.0% 0.0% 0.0%
Cambodia 0.0% -13.6% 0.0% -20.0% 0.0% 7.7%
Cameroon 0.0% 0.0% 0.0% 0.0%
Canada -7.3% -31.2% -3.0% -22.5% 0.0% 0.2%
Cape Verde 0.0% -2.6% 0.0% -7.4%
Cayman Islands -4.4% -4.4% -5.0% -4.9%
Central African Republic 0.0% 0.0% 0.0% 0.0%
Chad 0.0% 0.0% 0.0% 0.0%
Chile 0.2% 0.3% -0.5% -4.6% -2.0% -2.1%
China 0.0% -19.3% 0.0% -20.6%
Colombia 0.0% -14.1% 0.0% -8.1%
Costa Rica -4.3% -8.5% -6.8% -15.2%
Croatia -5.5% -20.2% -2.2% -17.2% -2.2% -24.2%
Cuba 0.0% 0.0% 0.0% 0.0%
Cyprus -0.7% -10.8% -0.3% -9.6%
Czech Republic -3.3% -11.4% -2.7% -10.7% -0.8% -5.3%
Democratic Republic of the Congo 0.0% 0.0% 0.0% 0.0%
Denmark -0.3% -18.6% 1.5% -14.6%
Dominica 0.0% -0.3% 0.0% -0.3%
Dominican Republic -6.2% -23.0% -4.5% -28.2% -5.1% -17.0%
Ecuador 0.0% 0.0% 0.0% 0.0%
Egypt 0.0% 0.0% 0.0% 0.0%
El Salvador -0.1% -15.4% -0.3% -20.6%
Estonia -0.8% -10.5% -1.6% -11.2% 2.6% 1.7%
Ethiopia 0.0% 0.0% 0.0% 0.0%
Fiji 0.0% 0.5% 0.0% 0.0% 0.0% 0.0%
Finland -0.8% -10.7% 0.5% -12.2%
France -1.7% -14.0% -1.2% -15.3% 0.2% 0.0%
Gabon 0.0% -1.4% 0.0% 0.0%
Georgia -3.8% -6.7% -4.5% -8.2% 0.0% 0.0%
Germany -1.1% -8.9% -1.1% -10.4% 0.0% -14.3%
Ghana -3.5% -5.8% -4.0% -6.2%
Greece -1.9% -11.7% -1.4% -14.1% -1.4% -5.2%
Grenada 0.0% -3.6% 0.0% 0.1%
Guatemala -11.5% -14.1% -10.1% -22.7%
Guinea 0.0% 0.0% 0.0% 0.0%
Guyana 0.0% 0.0% 0.0% 0.0%
Haiti 0.0% 0.0% 0.0% 0.0%
Honduras -8.1% -18.4% -4.8% -20.3% -4.7% -15.0%
Hong Kong -0.9% -5.6% -1.1% -6.4%
Hungary -5.4% -21.3% 0.1% -18.0% -0.0% 0.1%
Iceland -0.0% -6.1% -0.0% -6.4%
India 0.0% -6.6% -0.3% -7.0% 0.0% 13.1%
Indonesia 0.0% -10.4% 0.0% -18.6%
Iran 0.0% 0.0% 0.0% 0.0%
Iraq 0.0% 0.0% % %
Ireland -8.1% -8.4% -8.5% -8.7%
Israel 0.0% -3.8% 0.0% -4.1% 0.0% 3.7%
Italy -1.4% -7.7% -1.5% -8.6% 0.1% -0.1%
Ivory Coast 0.0% -0.8% 0.0% -0.8%
Jamaica -0.4% -2.9% -0.2% -8.9%
Japan -2.7% -8.7% -3.1% -9.5%
Jordan 0.0% -4.5% 0.0% -6.7%
Kazakhstan 0.0% 0.0% 0.0% 0.0%
Kenya 0.0% -1.3% 0.0% -1.3%
Kuwait 0.0% 0.0% 0.0% 0.0%
Kyrgyzstan -0.9% -0.9% -2.2% -4.6% -3.1% -0.5%
Laos 0.0% -10.5% 0.0% -7.6%
Latvia -2.6% -13.4% -2.5% -17.3% -2.0% -9.8%
Lebanon 0.0% -4.5% -12.8% -25.3% -10.0% -6.9%
Lesotho 0.0% -1.9% 0.0% 1.9%
Liberia 0.0% 0.0% 0.0% 0.0%
Liechtenstein -2.3% -16.3% -1.6% -13.7%
Lithuania -4.8% -11.9% -3.8% -14.8% -5.1% -20.6%
Luxembourg 0.0% -23.7% 2.0% -18.6% -16.4% -32.9%
Macedonia -2.0% -28.1% 1.1% -26.4% 0.0% -11.3%
Madagascar 0.0% 0.0% 0.0% 0.0%
Malawi 0.0% 0.0% 0.0% -4.0%
Malaysia -4.2% -33.7% -4.0% -22.9%
Mali 0.0% 0.0% 0.0% 0.0%
Malta 0.0% 0.0% 0.0% 0.0%
Mauritius 0.0% 0.0% 0.0% 0.0%
Mayotte 0.0% -1.3% 0.0% -2.3%
Mexico -7.6% -18.3% -1.4% -8.1%
Moldova -4.3% -9.9% -4.5% -9.8% -2.9% 3.1%
Monaco 6.0% -9.2% 3.5% -11.1%
Montenegro -13.2% -24.4% -8.6% -23.8%
Morocco 0.0% 0.0% 0.0% 0.0%
Mozambique 0.0% -8.1% 0.0% -11.1%
Namibia 0.0% 0.0% 0.0% -2.2%
Nepal 0.0% -2.8% 0.0% -2.1%
Netherlands 0.1% -7.2% -0.2% -10.3% 0.2% -8.8%
New Zealand 0.8% -14.3% -3.9% -23.6%
Nicaragua -18.0% -21.8% -10.0% -20.8%
Nigeria 0.0% 0.0% 0.0% 2.1%
Norway -2.0% -10.6% 3.9% -7.7%
Oman 0.0% -5.4% 0.0% -4.6%
Pakistan -13.5% -15.3% -12.3% -14.2%
Panama -26.0% -32.4% -16.3% -30.3%
Paraguay 0.0% -6.0% 0.0% -7.7% 0.0% -13.2%
Peru 0.0% -2.9% 0.0% -1.1% 0.0% 2.3%
Philippines 0.0% -15.0% 0.0% -21.0%
Poland -4.8% -12.7% -5.4% -13.2% -2.9% -16.4%
Portugal -4.3% -15.4% -0.6% -11.4% -0.6% 6.5%
Puerto Rico -11.1% -39.1% -6.0% -35.1%
Qatar 0.0% -13.2% 0.0% -8.1%
Romania -1.2% -18.0% -1.2% -17.2% 0.0% -0.3%
Russia -0.1% 0.0% -0.1% 0.2% -1.0% 1.4%
Rwanda 0.0% 1.4% 0.0% 0.3%
Saint Lucia 0.0% -1.0% 0.0% -2.7%
San Marino -4.8% -10.5% -5.8% -13.7% 1.2% -3.3%
Saudi Arabia 0.0% 0.0% 0.0% 0.0% 0.0%
Senegal 0.0% 0.0% 0.0% 0.0%
Serbia -2.1% -6.0% -2.0% -7.4% 0.0% -2.5%
Sierra Leone 0.0% 0.0% 0.0% 0.0%
Singapore -1.9% -11.1% -2.3% -12.2%
Slovakia -2.6% -11.7% -1.0% -12.2% 0.0% -7.1%
Slovenia 0.0% -19.7% 0.0% -19.1% 0.0% 3.7%
South Africa 0.0% -2.9% 0.0% -2.7%
South Korea -2.8% -7.4% -3.5% -10.5% -0.0% 6.6%
Spain -2.4% -12.8% -2.2% -14.1% -2.1% -7.0%
Sri Lanka 0.0% 0.0% 0.0% 0.0%
Sudan 0.0% 0.0% 0.0% 0.0%
Suriname 0.0% -2.3% 0.0% -2.5%
Swaziland 0.0% 0.0% 0.0% 0.0%
Sweden -0.3% -19.8% -1.0% -12.4% 0.0% -4.0%
Switzerland -5.7% -9.8% -5.3% -12.3% 0.0% -6.1%
Taiwan -3.9% -31.6% -4.9% -38.9% 0.0% -4.8%
Tanzania 0.0% 5.3% 0.0% 2.1%
Thailand -2.2% -23.2% -2.3% -21.8%
Togo 0.0% 0.0% 0.0% 0.0%
Trinidad and Tobago 0.0% 0.0% 0.0% 0.0%
Tunisia 0.0% 0.0% 0.0% 0.0%
Turkey -2.1% -24.9% 1.2% -16.3% 0.0% 0.8%
Turkmenistan 0.0% 0.0% 0.0% 0.0%
Uganda 0.0% -0.8% 0.0% 0.9%
Ukraine -3.6% -11.8% -3.5% -8.4% -2.0% -15.5%
United Arab Emirates 0.0% -3.8% 0.0% -5.5%
United Kingdom -6.0% -9.5% -3.9% -8.5% 0.0% 0.6%
Uruguay 0.0% 0.0% 0.0% 0.0%
USA -3.6% -16.7% -1.9% -12.9%
Uzbekistan 0.0% 24.2% 0.0% 0.0%
Venezuela 0.0% 0.0% 0.0% 0.0%
Vietnam -25.2% -39.7% -13.7% -30.0%
Wallis and Futuna Islands 0.0% 1.5% 0.0% 1.3%
Yemen 0.0% 0.0% 0.0% 0.0%
Zambia 0.0% 10.3% 0.0% 9.6%
Zimbabwe 0.0% 7.2% 0.0% 4.2%




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