Gasoline Prices

Gasoline prices averaged USD 2.17 per gallon in March, up 4.8% from February. On 31 March, the commodity traded at USD 2.28 per gallon, up 2.7% from 28 February.

Gasoline prices increased despite a decline in the cost of crude oil. The crack spread—gasoline’s price premium over crude—hit an eight-month high. The increase reflected new U.S. tariffs in place since 12 March, especially a 10% levy on Canadian energy imports and a 25% tax on around half of Mexican imports.