ASEAN May 2023 Fuel Prices Lower Than Last Year

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Adi Ahdiat 26/05/2023 11:39 WIB

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Amidst the trend of declining global oil prices, in May 2023, fuel prices in several ASEAN countries decreased compared to the previous year.

Comparison of Average RON 95 Gasoline Prices in Several ASEAN Countries (April 2022-May 2023)

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ASEAN May 2023 Fuel Prices Lower Than Last Year

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Comparison of Average RON 95 Gasoline Prices in Several ASEAN Countries (April 2022-May 2023)

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In its April 2023 Commodity Markets Outlook report, the World Bank projects the average global oil price this year to be USD 84 per barrel.

This figure is 15.8% lower than in 2022, which averaged USD 99.8 per barrel.

Amidst the declining trend in global oil prices, fuel prices in several ASEAN countries have also decreased.

On May 22, 2023, the average Brent crude oil price was around USD 75 per barrel. On the same day, according to GlobalPetrolPrices.com, the price of RON 95 gasoline in Singapore reached Rp28,837 per liter.

This price is down 4.5% compared to April 4, 2022, when it was Rp30,208 per liter, and the Brent crude oil price was around USD 105 per barrel.

A similar decrease occurred domestically. On April 4, 2022, when global oil prices were rising, the average price of RON 95 gasoline in Indonesia reached Rp16,500 per liter. However, on May 22, 2023, the average price had fallen to Rp14,042 per liter.

Here's a breakdown of RON 95 gasoline prices in several ASEAN countries as of May 22, 2023, along with the percentage decrease compared to April 4, 2022:

* Singapore: Rp28,837 per liter, down 4.5%
* Laos: Rp22,401 per liter, down 9.5%
* Thailand: Rp18,525 per liter, down 6.3%
* Cambodia: Rp16,849 per liter, down 17.9%
* Philippines: Rp15,759 per liter, down 24.3%
* Indonesia: Rp14,042 per liter, down 14.9%
* Vietnam: Rp14,017 per liter, down 24.9%
* Malaysia: Rp6,714 per liter, down 3.6%

GlobalPetrolPrices.com calculates the average fuel price based on taxes and fuel subsidies in each country.

"All countries have access to the same oil prices in the international market, but then impose different taxes and subsidies. As a result, retail gasoline prices differ in each country," according to GlobalPetrolPrices.com.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."