Gasoline prices rose marginally in April, averaging USD 2.79 per gallon, up 1.7% from March’s price but 18.0% lower than in the same month last year. On 28 April, the fuel traded at USD 2.67 per gallon, 5.7% lower than on the same day of the previous month.
The price of gasoline largely tracked that of crude, gasoline’s main ingredient. Prices rose early in April after OPEC+ announced a production cut, but then later retreated as jitters surrounding the health of the global economy dominated investor sentiment. U.S. gasoline inventories remained tight in the week ending 28 April, around 6% lower than their five-year seasonal average.
This chart displays Gasoline (US$/gal) from 2021 to 2023.
RBOB Gasoline (prices in US$/gal, aop)
| Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | |
|---|---|---|---|---|---|---|---|---|
| RBOB Gasoline | - | 2.22 | 2.32 | 2.46 | 3.08 | 3.91 | 3.44 | 2.78 |