The global fuel energy price index stood at 188.62 index points in January 2025, up from 100 in the base year 2016. Figures increased that month due to a rise in crude oil prices as a result of new sanctions on Russian oil and greater heating fuel demand. The fuel energy index includes prices for crude oil, natural gas, coal, and propane. Supply constraints across multiple commodities The global natural gas price index surged nearly 11-fold, and the global coal price index rose almost seven-fold from summer 2020 to summer 2022. This notable escalation was largely attributed to the Russia-Ukraine war, exerting increased pressure on the global supply chain. Global ramifications of the Russia-Ukraine war The invasion of Ukraine by Russia played a role in the surge of global inflation rates. Notably, Argentina bore the brunt, experiencing a hyperinflation rate of 92 percent in 2022. The war also exerted a significant impact on global gross domestic product (GDP) growth. Saudi Arabia emerged with a notable increase of nearly three percent, as several Western nations shifted their exports from Russia to Middle Eastern countries due to the sanctions imposed on the former.

Gasoline increased 0.22 USD/GAL or 10.89% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gasoline - values, historical data, forecasts and news - updated on March of 2025.

The average price for regular gasoline in the United States stood at 3.08 U.S. dollars per gallon on March 17, 2025. This compared to a diesel price of 3.59 U.S. dollars per gallon. Prices for gasoline and diesel decreased that week. Real price surge of 2022 and 2023 still below 2011 to 2014 prices When looking at the real price of gasoline over time, U.S. drivers had to pay notably more in the years between 2011 and 2014. The surge in prices noted throughout 2022 and partly for 2023, which followed supply constraints, was still lower in terms of real U.S. dollars. U.S. on the lower-end spectrum of worldwide motor fuel prices The U.S. has some of the lowest conventional motor fuel prices in the world. Although fuel prices are usually higher in high-income countries, the U.S. profits from its position as the world’s largest crude oil producer and can keep retail prices for oil products comparatively low. For example, among high-income countries, prices for automotive premium gasoline (RON 95) were only lower in Russia and Saudi Arabia - countries where crude oil and oil product exports are in part restricted by sanctions, thus keeping domestic supply high.

Gasoline prices in the United States have experienced significant fluctuations over the past three decades, with 2024 seeing an average price of 3.3 U.S. dollars per gallon. This marks a notable decrease from the record high of 3.95 U.S. dollars per gallon in 2022, yet remains considerably higher than prices seen in the early 2000s. Despite this, American consumers continue to enjoy relatively low gasoline prices compared to many other countries, with some European countries paying more than double the U.S. average. Drivers in Hawaii and California pay the most at the pump Gasoline prices vary significantly across the United States, with Hawaii and California consistently ranking as the most expensive states for this fuel. As of January 1, 2025, Hawaii's average price for regular gasoline was 4.54 U.S. dollars per gallon, nearly 1.5 dollars above the national average. California's high prices are largely attributed to its steep gasoline taxes, which reached 68.1 U.S. cents per gallon in January 2024. These taxes play a crucial role in shaping retail prices and are typically reinvested in road infrastructure, demonstrating the direct link between fuel costs and transportation development. Patterns in gasoline consumption In a global context, the United States maintains some of the lowest conventional motor fuel prices among high-income countries. This is largely due to its position as the world's largest crude oil producer, allowing it to keep retail prices comparatively low. Despite fluctuations in price, gasoline consumption in the U.S. remains robust, averaging around 8.5 million barrels per day in 2024. Consumption tends to be highest in the summer months and lowest in the winter months due to changing driving behavior.

Natural gas increased 0.21 USD/MMBtu or 5.84% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Natural gas - values, historical data, forecasts and news - updated on March of 2025.

The average monthly price for natural gas in the United States amounted to 3.02 nominal U.S. dollars per million British thermal units (Btu) in December 2024. By contrast, natural gas prices in Europe were about four times higher than those in the U.S. Prices for Europe tend to be notably higher than those in the U.S. as the latter benefits from being a major hydrocarbon producer. Europe's import reliance European prices for natural gas rose most notable throughout the second half of 2021 and much of 2022, peaking at over 70 U.S. dollars per million Btu in August 2022. The sharp rise was due to supply chain issues and economic strain following the COVID-19 pandemic, which was further exacerbated by Russia’s invasion of Ukraine in early 2022. As a result of the war, many countries began looking for alternative sources, and Russian pipeline gas imports to the European Union declined as a result. Meanwhile, LNG was a great beneficiary, with LNG demand in Europe rising by more than 60 percent between 2021 and 2023. How domestic natural gas production shapes prices As intimated, the United States’ position among the leaders of worldwide natural gas production is one of the main reasons for why prices for this commodity are so low across the country. In 2023, the U.S. produced more than one trillion cubic meters of natural gas, which allays domestic demand and allows for far lower purchasing prices.

About the Project

KAPSARC is analyzing the shifting dynamics of the global gas markets. Global gas markets have turned upside down during the past five years: North America has emerged as a large potential future LNG exporter while gas demand growth has been slowing down as natural gas gets squeezed between coal and renewables. While the coming years will witness the fastest LNG export capacity expansion ever seen, many questions are raised on the next generation of LNG supply, the impact of low oil and gas prices on supply and demand patterns and how pricing and contractual structure may be affected by both the arrival of U.S. LNG on global gas markets and the desire of Asian buyers for cheaper gas.

Key Points

In the past year, global gas prices have dropped significantly, albeit at unequal paces depending on the region. All else being equal, economists would suggest that this should have generated a positive demand response. However, “all else” was not equal. Prices of other commodities also declined while economic growth forecasts were downgraded.

Prices at benchmark points such as the U.K. National Balancing Point (NBP), U.S. Henry Hub (HH) and Japan/Korea Marker (JKM) slumped due to lower oil prices, liquefied natural gas (LNG) oversupply and unseasonal weather. Yet, the prices of natural gas in local currencies have increased in a number of developing countries in Africa, the Middle East, Latin America, former Soviet Union (FSU) and Asia.

North America experienced demand growth while gas in Europe and Asia faced rising competition from cheaper coal, renewables and, in some instances, nuclear. Gains to European demand were mostly weather related while increases in Africa and Latin America were not significant.

For LNG, Europe became the market of last resort as Asian consumption declined. Moreover, an anticipated surge in LNG supply, brought on by several new projects, may lead to a confrontation with Russian or other pipeline gas suppliers to Europe. At the same time, Asian buyers are seeking concessions on pricing and flexibility in their long-term contracts.

Looking ahead, natural gas has to prove itself a credible and affordable alternative to coal, notably in Asia, if the world is to reach its climate change targets. The future of the gas industry will also depend on oil prices, evolution of Chinese energy demand and impact of COP21 on national energy policies. Current low prices mean there is likely to be a pause in final investment decisions (FIDs) on LNG projects in the coming years.

U.S. gasoline prices increased across all major grades in February 2025. Regular gasoline prices rose to an average of 3.12 U.S. dollars per gallon. In the period of consideration, gasoline prices reached their highest level in June 2022. Differences in fuel grades Fuel grades at U.S. gas stations are differentiated by octane level. Higher grade fuels have higher octane levels, meaning that the fuel can be compressed more in the engine. This enables high-performance engines to create more power. Fuel may also vary from state to state and pump to pump. Some cities also have regulations on gasoline in order to improve air quality. Bioethanol is added to gasoline in some cases to meet the renewable fuel standard. Gasoline-run engines are able to run on blends with a bioethanol percentage of up to 25 percent. Gasoline prices reach historic high Primarily a result of the Russia-Ukraine war and inflation, the annual retail price of gasoline reached a new historic high in 2022, climbing to nearly four U.S. dollars per gallon. By 2023, annual prices had decreased again slightly, reaching 2013 levels.

Gasoline Prices in the United States increased to 0.82 USD/Liter in February from 0.81 USD/Liter in January of 2025. This dataset provides the latest reported value for - United States Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Gasoline Prices in Russia increased to 0.69 USD/Liter in February from 0.62 USD/Liter in January of 2025. This dataset provides the latest reported value for - Russia Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Explore the rising European gas prices driven by reduced Russian supply and its impact on the economy and energy strategies.

In February 2025, one gallon of diesel cost an average of 3.68 U.S. dollars in the United States. That was an increase compared to two months prior, which was the lowest price in the past 24-month period. Impact of crude prices on motor fuel consumer prices Diesel prices are primarily determined by the cost of crude oil. In fact, crude oil regularly accounts for around 50 percent of end consumer prices of diesel. As such, supply restrictions or weak demand outlooks influence prices at the pump. The fall in diesel prices noted in the latter half of 2024 is a reflection of lower crude prices. Diesel and gasoline price development The usage of distillate fuel oil began in the 1930s, but until further development in the 1960s, diesel vehicles were mostly applied to commercial use only. In the U.S., diesel-powered cars remain a fairly small portion of the automobile market and diesel consumption is far lower than gasoline consumption. In general, gasoline also tends to be more widely available than diesel fuel and usually sells for a lower retail price. However, diesel engines have better fuel economy than gasoline engines, and, as such, tend to be used for large commercial vehicles.

UK Gas decreased 26.27 GBp/Thm or 20.95% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. UK Natural Gas - values, historical data, forecasts and news - updated on March of 2025.

Graph and download economic data for Global price of Natural gas, EU (PNGASEUUSDM) from Jan 1990 to Feb 2025 about EU, gas, World, Europe, and price.

Retail prices for unleaded 95 Octane fuel in the Netherlands averaged 2.01 euros per liter on July 1, 2024. This was an increase of some four euro cents compared to the previous year. In 2022, fuel prices were severely affected by rising crude oil costs following supply constraints.

TTF Gas decreased 8.92 EUR/MWh or 17.69% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. EU Natural Gas TTF - values, historical data, forecasts and news - updated on March of 2025.

Urea price soared by +46% in October 2021, reaching $612.5 per ton, according to the latest World Bank's data. The spike was caused by a sharp slump in the world's production, as many producers have suspended manufacturing owing to skyrocketing natural gas prices and energy resource shortages. Russia, China and Egypt remain the key urea suppliers, while India, Brazil and the U.S. lead the world import ranking.

On March 7, 2025, the Henry Hub natural gas spot price amounted to 4.27 U.S. dollars per million British thermal units. In January 2025, a cold front was feared to impact refiners, leading to a spike in prices. The European gas benchmark Dutch TTF also rose amid colder weather. What is Henry Hub? The Henry Hub price is seen as the most important benchmark for the U.S. natural gas market. As of 1990, it has been used for pricing of natural gas traded on the New York Mercantile Exchange and later the Intercontinental Exchange. The hub in question is a distribution pipeline system in Louisiana and began operating in the 1950s. The highest Henry Hub annual average prices were recorded in 2005 and 2008, when they climbed to over eight U.S. dollars per million British thermal unit. Natural gas export prices In recent years, the U.S. has been incentivized to build up its liquefaction and LNG export capacities as it widens the potential customer pool. With sanctions on Russian energy imports, many European countries looked to the U.S. for procuring natural gas from 2022 onward. In line with Henry Hub pricing development, the monthly LNG export price also showed volatility depending on market and geopolitical events.

The Venezuelan gas supply meter market skyrocketed to $448K in 2024, rising by 54% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a tangible expansion. As a result, consumption reached the peak level of $3.9M. From 2015 to 2024, the growth of the market remained at a lower figure.

According to Cognitive Market Research, the global On demand fuel delivery market will be worth USD 251.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 18.20% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 100.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.4% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 75.36 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 57.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 20.2% from 2024 to 2031.
The Latin America market will account for more than 5% of global revenue and have a market size of USD 12.56 million in 2024. It will grow at a compound annual growth rate (CAGR) of 17.6% from 2024 to 2031.
The Middle East and Africa held the major markets, accounting for around 17.9% of the global revenue. The market was USD 5.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.

Growing Demand for Natural Gas to Increase the Demand Globally

The growing demand for natural gas is expected to increase the global demand for marine gas engines significantly. Natural gas is increasingly being recognized as a cleaner and more sustainable fuel option compared to traditional marine fuels like diesel and heavy fuel oil. As environmental regulations become more stringent, the marine industry is seeking ways to reduce emissions and improve sustainability.

The demand for natural gas-powered marine engines is expected to rise across various segments, including commercial shipping, offshore support vessels, and recreational boating. Commercial shipping companies are increasingly investing in natural gas-powered vessels to meet emissions regulations and reduce fuel costs. Offshore support vessels, which operate in environmentally sensitive areas, are also turning to natural gas engines to minimize their environmental impact.

Rising Demand for Recreational Boating to Propel Market Growth

The rising demand for recreational boating is expected to propel the growth of the marine gas engine market. Recreational boating has been gaining popularity worldwide, driven by factors such as increasing disposable incomes, growing tourism, and a rising interest in leisure activities. Furthermore, gas engines offer improved fuel efficiency, which can result in cost savings for boat owners. With rising fuel prices, the fuel efficiency of gas engines has become an attractive feature for recreational boaters looking to optimize their fuel consumption.

The demand for recreational boating is expected to continue growing, especially in regions with favorable boating conditions and tourism opportunities. This, in turn, will drive the demand for marine gas engines as boat owners seek reliable, efficient, and environmentally friendly propulsion systems for their vessels.

Overall, the rising demand for recreational boating is expected to propel the growth of the marine gas engine market as boat owners increasingly prioritize cleaner, quieter, and more fuel-efficient propulsion systems for their vessels.

Market Restraints of the On Demand Fuel Delivery Market

Limited Range and Availability of Alternative Fuels to Limit the Sales

The limited range and availability of alternative fuels pose a significant constraint on the sales of marine gas engines. While natural gas is gaining popularity as a cleaner marine fuel, its availability may be limited in certain regions. This can restrict the widespread adoption of gas engines, especially in areas where the infrastructure for natural gas refueling is underdeveloped or inaccessible. However, the availability and accessibility of these alternative fuels can be limited, further constraining the market for marine gas engines. The infrastructure required for the production, storage, and distribution of these fuels may not be well-established or widely accessible, making it challenging for ship owners and operators to access a reliable and consistent supply.

Addressing the limited range and availability of alternative fuels requires significant investments in infrastructure development, including refueling stations, storage facilities, and supply chains. Governments, industry stakeholders, and fuel suppliers nee...