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The global average price of a litre of petrol was $1.35 on 9/May/2022. The differences in prices across countries are due to the various taxes and subsidies for gasoline/petrol.


Energy prices remain elevated around the world due to the war in Ukraine. The price of 'Brent crude' oil averaged $116/bbl in Mar 2022, a 55% increase from Dec 2021 and its highest level since 2013. Brent crude oil prices are forecast to average $100/bbl in 2022.

Russia accounts for about 10% of global oil production and the disruptions in the supply of Russian oil due to sanctions have been the major driver behind the elevated oil prices.

The global consumption of crude oil has also fallen since the start of the year, due to a combination of slowing economic growth, outbreaks of COVID-19 in China, and the impact of higher oil prices on consumption.

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