Q.2 2020

AIRINC Global Petrol Price Tracker

Europe and Asia continue to show a downward trend

By Yimkwan Tsang, Philli Wong, Morgan Grenier, and Gerald Abbey

Petrol prices are falling, but not as sharply as
oil futures

The COVID-19 pandemic has caused a historic drop in demand for petroleum products. In addition to reduction of fuel use for air and sea transport, on-road passenger travel has been impacted as consumers are driving significantly shorter distances and less often. Storage for crude and refined fuels is finite, and even with crude production reduced under an April OPEC+ agreement, tanks on land and ships at sea are at risk of reaching capacity. Due to this, crude oil prices have plummeted and on April 20, crude oil futures plunged into negative territory for the first time in history. Changes in crude oil pricing are often echoed in petrol pump prices, but taxes, retailer profit margins, and local demand can all impact how much of a change is seen by consumers, and these factors help explain the differences seen across countries in our data.

Below, we look at how petrol pump prices in Europe and Asia have been impacted.

We collected pump prices for 75 countries in these regions and found that over 70% showed decreases of 10% or more in the past quarter, from January to April. The largest decreases were in Southeast Asia, where some pump prices dropped by more than 30%. Prices in Myanmar had the most drastic fall, dropping by 60%.

All data included was updated from the week of April 22-24.

How low can they go?

These countries have shown the largest percent decline from January to April in petrol pump prices:

2020 Petrol Prices % Change: Q1 to Q2

Myanmar
Vietnam
Malaysia
Cambodia
Taiwan

2020: Q2 Petrol Prices $/LITER

Least and Most Expensive Petrol Pump Prices in the 75 European and Asian Nations Surveyed

These 5 countries have the least expensive petrol pump prices:

Under $0.50 USD per Liter

These 5 countries have the most expensive petrol pump prices:

Hong Kong 9.8x more expensive than Myanmar per Liter

Top 20 Least Expensive Gas Prices for Europe and Asia

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
1

Myanmar

Q2 2020: USD/Liter
$0.22
2

Malaysia

Q2 2020: USD/Liter
$0.29
3

Kazakhstan

Q2 2020: USD/Liter
$0.35
4

Vietnam

Q2 2020: USD/Liter
$0.48
5

Kyrgyzstan

Q2 2020: USD/Liter
$0.49
6

Thailand

Q2 2020: USD/Liter
$0.51
7

Azerbaijan

Q2 2020: USD/Liter
$0.53
8

Mongolia

Q2 2020: USD/Liter
$0.54
9

Afghanistan

Q2 2020: USD/Liter
$0.54
10

Russia

Q2 2020: USD/Liter
$0.56
11

Cambodia

Q2 2020: USD/Liter
$0.57
12

Indonesia

Q2 2020: USD/Liter
$0.58
13

Pakistan

Q2 2020: USD/Liter
$0.60
14

Taiwan

Q2 2020: USD/Liter
$0.61
15

Armenia

Q2 2020: USD/Liter
$0.66
16

Belarus

Q2 2020: USD/Liter
$0.69
17

Sri Lanka

Q2 2020: USD/Liter
$0.71
18

Georgia

Q2 2020: USD/Liter
$0.71
19

Turkey

Q2 2020: USD/Liter
$0.76
20

Philippines

Q2 2020: USD/Liter
$0.77

*All information based on 2020 AIRINC survey data.
All prices converted using exchange rate at the time of collection and comparisons conducted in USD.

Top 20 Most Expensive Gas Prices for Europe and Asia

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
1

Hong Kong

Q2 2020: USD/Liter
$2.15
2

Monaco

Q2 2020: USD/Liter
$1.82
3

Italy

Q2 2020: USD/Liter
$1.78
4

Netherlands

Q2 2020: USD/Liter
$1.67
5

Channel Islands

Q2 2020: USD/Liter
$1.55
6

Switzerland

Q2 2020: USD/Liter
$1.54
7

Albania

Q2 2020: USD/Liter
$1.48
8

Iceland

Q2 2020: USD/Liter
$1.47
9

Portugal

Q2 2020: USD/Liter
$1.47
10

Macau

Q2 2020: USD/Liter
$1.45
11

Singapore

Q2 2020: USD/Liter
$1.45
12

France

Q2 2020: USD/Liter
$1.44
13

Israel

Q2 2020: USD/Liter
$1.44
14

United Kingdom

Q2 2020: USD/Liter
$1.44
15

Azores

Q2 2020: USD/Liter
$1.43
16

Finland

Q2 2020: USD/Liter
$1.41
17

Greece

Q2 2020: USD/Liter
$1.39
18

Ireland

Q2 2020: USD/Liter
$1.37
19

Norway

Q2 2020: USD/Liter
$1.36
20

Belgium

Q2 2020: USD/Liter
$1.31

*All information based on 2020 AIRINC survey data.
All prices converted using exchange rate at the time of collection and comparisons conducted in USD.

Country2020 Standard Fuel USD/L2020 Q1 - Q2 % Change
Afghanistan0.54-19%
Albania1.48-3%
Andorra1.14-10%
Armenia0.66-22%
Austria1.09-14%
Azerbaijan0.53-10%
Azores1.43-7%
Belarus0.694%
Belgium1.31-11%
Bosnia-Herzegovina1.16-7%
Bulgaria1-13%
Cambodia0.57-36%
Canary Islands1.06-9%
Channel Islands1.55-6%
China0.78-23%
Croatia1.13-24%
Cyprus1.04-16%
Czech Republic0.94-21%
Denmark1.28-26%
Estonia1.3-16%
Faroe Islands1.16-17%
Finland1.41-17%
France1.44-17%
Georgia0.71-9%
Germany1.24-13%
Greece1.39-22%
Hong Kong2.15-8%
Hungary0.84-27%
Iceland1.47-11%
India0.91-10%
Indonesia0.58-2%
Ireland1.37-11%
Israel1.44-17%
Italy1.78-9%
Japan1.16-12%
Kazakhstan0.353%
Kyrgyzstan0.49-1%
Laos0.95-12%
Latvia1.02-27%
Liechtenstein1.21-15%
Lithuania1.03-23%
Luxembourg1-24%
Macau1.45-4%
Macedonia0.85-21%
Malaysia0.29-40%
Moldova0.92-11%
Monaco1.82-4%
Mongolia0.54-15%
Montenegro1.11-21%
Myanmar0.22-57%
Netherlands1.67-11%
Norway1.36-14%
Pakistan0.6-17%
Philippines0.77-24%
Poland0.83-23%
Portugal1.47-16%
Romania1.03-14%
Russia0.56-1%
Serbia1.29-8%
Singapore1.45-9%
Slovak Republic1.19-17%
Slovenia1.08-21%
South Korea1.1-13%
Spain1.27-14%
Sri Lanka0.710%
Sweden1.24-21%
Switzerland1.54-7%
Taiwan0.61-36%
Thailand0.51-30%
Timor-Leste0.9-10%
Turkey0.76-25%
Ukraine0.87-15%
United Kingdom1.44-9%
Vietnam0.48-43%
   
2020 AVERAGE1.05-16%

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