Gasoline prices, Octane-95, 12-Sep-2022: The average price of gasoline around the world is 1.33 U.S. Dollar per litre. However, there is substantial difference in these prices among countries. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the U.S. which is an economically advanced country but has low gas prices. The differences in prices across countries are due to the various taxes and subsidies for gasoline. All countries have access to the same gas by price of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different. Use the drop menu to see the prices in gallons.
Global oil demand from gas-to-oil switching could jump by more than 80% over the next six months after soaring prices for natural gas and LNG push more power producers, refiners and industrial users to burn fuel oil and other liquid fuels, according to estimates by Platts Analytics.
Day-ahead gas prices across Europe rose on Sept. 6, bolstered by continued market concerns around winter gas supply in Europe after Russia’s Gazprom announced the indefinite suspension of gas flows to Germany via the Nord Stream pipeline.
Platts assessed Europe’s gas price benchmark TTF month-ahead at a record-high Eur319.98/MWh on Aug. 26 gas by price, which fell back to Eur237.98/MWh on Sept. 6 but was still four times higher year on year. S&P Global Commodity Insights data showed.
LNG prices have also climbed since the start of the Russia-Ukraine war, with facility outages worldwide adding to the increases.
As a result, most Asian countries have also been dealing with an energy crisis and refraining from purchases to cut soaring energy import bills as prices advance. Asian spot LNG prices have risen tracking a tight Atlantic Basin, with the JKM benchmark approaching all-time highs again in August. The daily physical assessment reached $71.01/MMBtu on Aug. 25, the highest level since March 7, when the benchmark hit a record-high $84.76/MMBtu.
On a Btu equivalent basis, benchmark Europe gas and Asian LNG prices currently stand five to six times higher than high sulfur fuel oil values, incentivizing widespread gas-to-oil switching at sites capable of using alternative fuel.
Dutch TTF Gas is a leading European benchmark price as the volumes traded represent more than 14 times the amount of gas used by the Netherlands for domestic purposes. Contracts are for physical delivery through the transfer of rights in respect of Natural Gas at the Title Transfer Facility (TTF) Virtual Trading Point, operated by Gasunie Transport Services (GTS), the transmission system operator in the Netherlands.
Delivery is made equally each hour throughout the delivery period from 06:00 (CET) on the first day of the month until 06:00 (CET) on the first day of the next month. Futures are available for trading in the Intercontinental Exchange Inc. (ICE). Prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our natural gas market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
Gasoline prices per litre, octane-95: We show prices for Russia from 06-Jun-2022 to 12-Sep-2022. The average value for Russia during that period was 51.67 Russian Rouble with a minimum of 51.60 Russian Rouble on 18-Jul-2022 and a maximum of 51.79 Russian Rouble on 06-Jun-2022. For comparison, the average price of gasoline in the world for this period is 121.43 Russian Rouble.
Use the drop menu to see the prices in gallons Russia. The data for the country and other countries in our database are obtained from official government sources. Regulatory agencies, petroleum companies, and major media sources. We update the data every week.
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How can the world cope without its oil and gas?
A key Russian gas pipeline has remained closed, severely limiting supplies as European countries struggle with high energy prices.
Western countries are trying to cut their dependency on Russian oil and gas following the invasion of Ukraine in February.