Gasoline prices averaged USD 2.44 per gallon in June, down 2.7% from May. On 28 June, the commodity traded at USD 2.50 per gallon, up 3.3% from 31 May.
Prices declined as the crack spread—the price premium for gasoline over crude—fell to the lowest since February. Surplus supply was responsible: U.S. refiners’ output as a percentage of capacity hit the highest level since August 2023 in June, but gasoline demand was down 1.4% year on year in the first three weeks of the month.
This chart displays Gasoline (US$/gal) from 2022 to 2024.
RBOB Gasoline (prices in US$/gal, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| RBOB Gasoline | 2.52 | 2.60 | 2.72 | 2.20 | 2.37 | 2.57 | - | - |