Gasoline Prices

Gasoline prices averaged USD 2.67 per gallon in May, down 4.3% from April’s price and 33.9% lower than in the same month last year. On 31 May, the fuel traded at USD 2.75 per gallon, 3.0% higher than on the same day of the previous month.

The price of gasoline largely tracked that of crude, its main ingredient. Prices fell due to jitters surrounding the health of the global economy following weak data in China and uncertainty related to monetary policy and a potential sovereign default in the U.S. That said, U.S. gasoline demand was up 1.8% year on year in the four weeks to 2 June, and U.S. gasoline inventories were 8% lower than their five-year seasonal average in the week ending 2 June.