Gasoline prices averaged USD 3.28 per gallon in July. The 11-month high was up 11.0% from July’s price and 5.1% higher year on year. On 31 August, the fuel traded at USD 3.42 per gallon, 7.6% higher month on month.
The spot price rose in line with that of crude, gasoline’s main ingredient. Further adding pressure were seasonal travel demand and further refinery outages. This comes on top of low inventories, which were 5.0% below their five-year seasonal average in the week ending 18 August.
RBOB Gasoline (prices in US$/gal, aop)
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